#Bitcoin Technical Trading Analysis - 8 October 2021 : I reset my indicators and started again. #Fibonacci #Retracements added
Please note that the following is my opinion and not financial advice.
The '1-day' #Bitcoin Graph Above* shows my favourite shape : the Triangle aka "Wedge Formation" in #technicalanalysis terms. The Wedge measures the highest prices that traders are willing to buy at (TOP) as well as the lowest prices that traders are willing to sell at (BOTTOM).
- In a 1 day $BTC (Bitcoin) Chart each candle = 1 day / 24 hours of time passing
Due to free market economics (aka supply and demand), the highest and lowest points will eventually meet somewhere, as consumers (of any asset) fight amongst themselves to determine a fair market price. Once these high and low price points converge, in what is called the equilibrium price point, a breakout will occur either up or down, and this is the point that traders are waiting for to either buy, sell or #hodl (do nothing - haha).
Cropped Image Below
As we near the front of the #WedgeFormation, near the 'Safe Zone - $44,800', it becomes more and more likely that a #breakout will occur. The #bitcoin price is likely to see a massive Up or Down trend in the next few weeks. Trade safely, especially if you are a #long or #short trader (if you don't know what that means you aren't one!).
As a long term Bitcoin holder the current price of bitcoin matters little to me. In fact I need the BTC price to drop in order to buy in on new #investment opportunities such as #altcoins #NFTs and #ICOs. When the Bitcoin price drop, MANY #blockchain based economies follow suite, and this is the perfect time to buy in.
Please follow if you enjoyed this Analysis. I try to keep it short and sweet but if people want more technical indicators I can provide those too! I am a self taught trader so any advice or feedback (comment below) is welcome.
THE END
My Previous Bitcoin Analysis can be found here:
https://peakd.com/leofinance/@jim-crypto/my-bitcoin-prediction-from-10th-september-2021-vs-today-wedge-added-to-chart
- If anyone does not want to be tagged in my Bitcoin posts please let me know and I will discontinue using your account tag. I hope you enjoyed this analysis.
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