To hone in on the overall pattern for FY 2018, I pulled a monthly snapshot with 30 minute increments to further highlight my projection of BTC/USD rather than a yearly "overall" to convey how BTC is being deflated one semi-drastic price action at a time when high volume hits various exchanges.
I formulated my own fib levels with units of "100.00" rather than using the tool Trading View provides. The number sequence of 0,1,1,2,3,5 along with directional arrows are provided, such that, onlookers may easily understand how I calculated resistance and support for the monthly chart provided by Trading View. Of interest, is the ascending range #3, the descending range #3, and the descending range #5 of price action(s). A more detailed analysis can and should be overlapped onto the very basic monthly chart given; however, the chart shows the overall pattern of deflation of the speculative bubble in FY 2018 within a shorter segment; a month.
It is my opinion that if this trend continues, Crypto-currencies in general are only good for swing trading, with the assumption that all factors remain mostly the same. This is my sole opinion; a conjecture that is not to be misconstrued as Financial Advice, implied or otherwise.
I formulated my own fib levels with units of "100.00" rather than using the tool Trading View provides. The number sequence of 0,1,1,2,3,5 along with directional arrows are provided, such that, onlookers may easily understand how I calculated resistance and support for the monthly chart provided by Trading View. Of interest, is the ascending range #3, the descending range #3, and the descending range #5 of price action(s). A more detailed analysis can and should be overlapped onto the very basic monthly chart given; however, the chart shows the overall pattern of deflation of the speculative bubble in FY 2018 within a shorter segment; a month.
It is my opinion that if this trend continues, Crypto-currencies in general are only good for swing trading, with the assumption that all factors remain mostly the same. This is my sole opinion; a conjecture that is not to be misconstrued as Financial Advice, implied or otherwise.