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06032018 BTC/USD Price Analysis

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Let me just clarify that I am not a bitcoin believer. I am a market technician, and I trade based on what I see.

Please understand that I DO NOT take future value of bitcoin/block chain technology into consideration when I am trading, therefore, fundamental aspect of bitcoin is completely irrelevant to my trading decision.

Enough about myself, let's dive into Bitcoin Chart.

Here's what I see:

*Bitcoin now has retested its structural support three times since February of 2018. Each time, bitcoin has shown strong buy candle signals which I consider to be the strongest above all indicators.

*Weekly Indicators have been resilient at $7000 price level.

*Reversal Wave Pattern Confluence

*Bounced off at Mid-tern weekly EMA.

*Volume Support

*Price action has confirmed that bitcoin has been consolidating after strong reaction at $6000 back in February. (As seen in symmetrical triangle)

Why it is a good trade:

- Average Gain for the 3 target price levels (Major Support I, II, and Structural Resistance) far exceed loss at the Stop Loss Level (Downward breakout from triangle)

- Volatility has completely died off, meaning that current price level now is stable.

- Odds are in buyer's favor. More positive signs than negative signs, to my standards.

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Conclusion: This is the type of trade that I took on Amazon/Micron back in 2016, whose results have been one of the best in my trading careers. This trade is no different.

I do not have my crystal ball like other crypto-gurus. I simply make bet on trades whose yield is far greater than loss, given I have equal or greater chances based on statistics.

I hope you enjoyed my analysis.

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