Bitcoin Price Analysis 5–8–2018

Source: Cheesy Picture from Google Images — Enjoy

On today’s episode of Bitcoin Price Analysis with CryptoMedication!

Let’s dive right into it, okay?

Once again, plotting these support/resistance points has been an absolutely crucial facet for me. I have them on every TF chart.

You can see above how the price bounced nicely off of one of those plotted support points that I had drawn.

But how do I draw these support/resistance lines?

Great question. Found an awesome source on the internet though that provides a pretty solid guide on this:

Source: https://www.desiretotrade.com/powerful-way-to-draw-support-and-resistance-zones/

That’s it?

Yup. Let’s continue with our analysis:

Speaking of supports/resistances — the Ichimoku is always a tried and true indicator for this

Price is virtually in the cloud for the Ichimoku here. So, it’s a meh type of situation if you’re a bull. Resistance is just barely holding.

If you’re unfamiliar with the Ichimoku — this will tell you all the information that you need to know about it — http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:ichimoku_cloud (Message me if you need a simpler breakdown on this concept.)

More on Bitcoin (4H TF)

Conclusion

Overall, nothing crazy enough to make me think that there is a rally back underway at this point in time. Although, I don’t have enough to say otherwise either. So, it’s more of a ‘wait and see’ kind of situation for me.

Disclaimer: Nothing in this article is financial advice. Assuming responsibility for your own actions/choices. Thanks!

Disclaimer #2: Author does possess some amount of Bitcoin. This Bitcoin was not given to me by anyone responsible for editing/managing/marketing Bitcoin.

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