5–3–2018 Bitcoin Price Update

Source: Vecteezy (Random, I know)

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Props

Okay, so from the last Bitcoin prediction — figured I should give myself a few props on that one:

Now Let’s Take a Look At Where We Are Right This Moment

This is on the 4H chart. Sort of speaks for itself for the most part.

This is one of the prime reasons that I have so many lines on my chart to mark all the points of support+resistance. It makes finding various price targets VERY easy.

Ichimoku looking clean. I stayed on the 4H chart because I think we’re all intersted in current moves.

If you’re scalping though — here’s what you need to look out for (and here’s why I have this indicator on in TradingView).

RSI = oversold. Once again, on the 4H

So, let’s look for divergence. If so, I’m going short temporarily. Possibly taking money out and then alt-hunting (article on how to do that is coming VERY soon).

This is the Rate of Change for the RSI (obviously headed down). So, I’m calling that divergence (when the price moves in the opposite direction of RSI)

I usually take my cue to bail if I’m scalping if I see that the RSI is diverging from overbought territory. Especially if this is coinciding with a resistance being hit (which it is at $9.7k). I could be wrong though.

Most of the time when the RSI wears out for Bitcoin (oversold or overbought). It tends to consolidate more so than just reverse trend. Or if it does reverse trend, it’ll do that later on.

It is what it is

Remember when I said that the death cross reports were overblown? I wrote an article on that. Well, this is exactly why. Barring a HUGE drop in price, it looks like the 1-day golden cross will occur.

Once again. Although this doesn’t mean that we’re out of the woods yet.

For those that are wondering what I mean by ‘golden cross’ and death cross’

View story at Medium.com

For those wondering what I mean by “The Death Cross Fears for Bitcoin Are Overblown”

View story at Medium.com

Keep in mind that those EMA lines are for the 1D chart. The golden cross has already occurred on the lower TF.

So, for me at least, I know that I’ll be cautiously exiting Bitcoin and then scalping for some other delectable coins to invest in and multiply money from this point.

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