Something massive is about to begin...
Accumulation Phase
Chart #1 : BTCUSD / BITFINEX / 4H https://www.tradingview.com/x/NcApkvcH/
Welcome back to my Bitcoin (BTC) analysis for May 4th, 2018.
Looking at Chart #1 (4H chart), nothing big jumps out at me. BTC has definitely hit a higher high. It seems to be holding at ~9750 USD level and accumulating. This kind of pattern is similar to what happened about 2 weeks ago. The past is NOT an indication of future performances BUT when I think of the probabilities between UP or DOWN, I think UP has the upper hand.
Do not trade against the BIG trend
Chart #2 : BTCUSD / BITFINEX / 1D https://www.tradingview.com/x/N5W5SVr5/
I always like to look at the BIG picture first to see where BTC is headed. Right now BTC is SO CLOSE to forming a bullish TK cross in the 1D chart. If the cross happens BTC is highly likely to do edge-to-edge price action in the Kumo cloud. The price may fluctuate/stagnate within the cloud but I think we will eventually hit the two targets I mentioned in yesterday's post.
From yesterday's post:
Possibility Target #1: 12900 USD - If the BTC moves up in a parabolic move this target is not out of the possibilities. I don't think it's likely because that would require almost the hype seen back in December/January
Possibility Target #2: 11600 USD (most likely) - I think this target is very likely. BTC will be keep seeing higher-highs and lower-lows. Like I mentioned before IF bullish TK cross occurs I don't forsee a formidable correction of BTC until we hit this target.
Short-term wise, I think perhaps this weekend or into early next week, BTC can expect the price to hit around 10300 USD. The price level has been used as support SO MANY times in the past (red rectangles). Since BTC is coming back to this level I think it will act as a temporary stop in this bullish movement.
I will check back tonight for a fresh update. If you would like to have access to my evening update on BTC as well as ETH and LTC, please consider supporting me on Patreon. https://www.patreon.com/cryptothinker
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Thank you always for reading.
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Legal Disclaimer: I am not a financial advisor. None of the words, charts, jokes, and expressions written in this blog post should be read or interpreted as any form of financial or investment advice. It is purely for an entertainment purpose only. This post is my thoughts and opinions. I can be wrong. I have been wrong and I will be wrong many times in the future. This blog is for you to flame me how bad I am at this and call me out when I am wrong. It's for your entertainment ONLY.
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