BITCOIN & ALTCOIN MORNING BRIEF 1/31 2017

ddepalma (28)in #bitcoin • 7 years ago (edited)

It's been a bloody week in the crypto market as Bitcoin dropped down below $10,000. Trying to analyze bitcoin on the chart may seem tough, but sometimes you have to remember to use bigger candles, longer timeframes, and really try to see the big picture.

Analysis:

Continuing my "zooming out" point above, I used the 3D candles and zoomed out for the entire 2017 year leading into 1Q 2018. Every touching poing along the 50 Moving Average(MA) has been the bottom before the next leg up. Personally I have been using this as an opportunity to accumulate more BTC to either 1. put towards altcoins or 2. add it to my HODL bag

If we zoom in we see a nice flag forming, and if we look at the conversion and base lines in the ichimoku cloud, you can see they are still bullish, even though the current candle is far below. usually this means that it is undervalued currently