May 21st, 2018 Bitcoin Trend Analysis
Let's look at the Charts...
Bitcoin on the daily chart...
Here we see the bigger picture of the crypto bear market and how Bitcoin is going about it's course. We see a recent negative bounce taken down from the $10k level. After a quick drop in price, we must wonder if Bitcoin will retest $10k. I have been watching the last few weeks waiting to see an up trend develop.
Bitcoin on the 4-hour chart...
We see a drop in price from $10k to $8k followed by a small rebound in price and the beginnings of what appears to be a promising trend change from negative to positive.
Bitcoin on the 1-hour chart...
Taking a closer look, this up trend appears to be short lived as Bitcoin seems to be starting to break below the apparent trend line.
Summary
I have been waiting the past few weeks to enter the market during a clear and confirmed uptrend. The uptrend from a week and a half ago was too small to get in on without a perfect crystal ball. If Bitcoin can stick with the apparent up trend that I have represented through my charts, I will enter a position with trailing stop losses.
Leave a comment below with your thoughts on where you think the Bitcoin price is headed.
Thanks for reading.
Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.
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