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Bitcoin Technical Analysis 12/8: “The Open”

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Bitcoin Technical Analysis 12/8: “The Open”. Welcome to this week’s episode of The Open. A weekly breakdown of Technical Analysis on Bitcoin and the cryptocurrency market hosted by Jon CC. This episode also features ICX, ADA, LTC and EOS.

Jon uses multiple techniques to analyse the latest Bitcoin market structure which includes but is not limited to:

  • Elliot Waves
  • Fibonacci Retracement
  • Moving Averages

More on These Tools (via Investopedia):

Moving Averages:

A moving average (MA) is a widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random short-term price fluctuations. It is a trend-following, or lagging, indicator because it is based on past prices.

The two basic and commonly used moving averages are the simple moving average (SMA), which is the simple average of a security over a defined number of time periods, and the exponential moving average (EMA), which gives greater weight to more recent prices.

Fibonacci Retracement:

A Fibonacci retracement is a term used in technical analysis that refers to areas of support or resistance. Fibonacci retracement levels use horizontal lines to indicate where possible support and resistance levels are. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8% and 78.6%. While not officially a Fibonacci ratio, 50% is also used.

Elliot Waves

Elliott proposed that trends in financial prices resulted from investors’ predominant psychology. He found that swings in mass psychology always showed up in the same recurring fractal patterns, or “waves,” in financial markets. 

About Jon CC

Jon is a technical analyst who has been trading crypto for the last few years. He’s primarily a day trader and has a range of trading techniques that he’s picked up over the years. Be sure to tune in every Monday as Jon offers up his expert advice on the recent Bitcoin price action using his favourite techniques.

Be sure to follow Jon on Twitter here and make sure you subscribe to his YouTube channel via this link here.

For more content from Jon CC like this Bitcoin Technical Analysis 12/8 video, click here and explore some of his other work.

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