Presentation:
I have created this chat in order to follow the trend of an investment.
In this case the price of BTC with the USD. As you can see there are some lines on the chart with 3 colors: Yellow, light brown and brown.
A bullish trend is when all the colors are going up and of course the yellow lines are above the light brown and these are above the dark brown lines.
The opposite for a bearish situation. Now, as to price for a clear bullish trend, price must be above the yellow lines.
Current situation:
Right now price is within a corrective pattern since its not anymore above the yellow lines.
But the overall picture remains healthy because the yellow lines remain above the brown lines.
When I am proceding to my technical analysis apart from these lines (as to the trend), I use Japanese candlesticks analysis and Elliott Wave analysis.
Based on the later, what we are having now is a corrective pattern in an A-B-C move down and once in ends, BTC will go up again.
Conclusion:
I am waiting for the end of the corrective pattern and I will add to my positions (my 1st purchase was at 2600 USD and I am not selling).
I have BTC for a long term investment since I believe that we have a new decentralized currency with huge upside potential.
So once the corrective pattern will end, BTC will climb to 70,000 and 100,000 USD. These are my next targets.
I have created this chat in order to follow the trend of an investment.
In this case the price of BTC with the USD. As you can see there are some lines on the chart with 3 colors: Yellow, light brown and brown.
A bullish trend is when all the colors are going up and of course the yellow lines are above the light brown and these are above the dark brown lines.
The opposite for a bearish situation. Now, as to price for a clear bullish trend, price must be above the yellow lines.
Current situation:
Right now price is within a corrective pattern since its not anymore above the yellow lines.
But the overall picture remains healthy because the yellow lines remain above the brown lines.
When I am proceding to my technical analysis apart from these lines (as to the trend), I use Japanese candlesticks analysis and Elliott Wave analysis.
Based on the later, what we are having now is a corrective pattern in an A-B-C move down and once in ends, BTC will go up again.
Conclusion:
I am waiting for the end of the corrective pattern and I will add to my positions (my 1st purchase was at 2600 USD and I am not selling).
I have BTC for a long term investment since I believe that we have a new decentralized currency with huge upside potential.
So once the corrective pattern will end, BTC will climb to 70,000 and 100,000 USD. These are my next targets.