Has BTC Reached The Bottom Yet?
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My previous update on Bitcoin a few weeks ago was showing an ABCDE triangle. It has now changed form to a downward pointing wedge and I believe we could be near the bottom. There's a case where we will reach $8500 but the moving averages are showing different signals. I'm not sure about if we're gonna keep moving down in price so if you're looking to buy, make sure you dollar cost average and set wide buy orders. I'm gonna present a few signals why it could be a good buy opportunity here. I'm not advising you to buy, just sharing my opinions.
Bullish Downward Pointing Wedge
This type of triangle can often been seen in cryptos and usually results in a new set of impulses. We need to watch the volume and make sure it descends along with the tip of the wedge. When it's done, we're probably gonna see a powerful impulse. Will make an update when we get closer.
Moving Averages
It's well known that historically when the BTC price touches the 200 day moving average, it shows a good opportunity to buy. The price usually bounces back up as soon as it hits the line. I found a spot in May 2017 where we past through the 200 day moving average and almost hit the 300 day line. That resulted in approximately 75% correction. If we can't manage to hold the 200 day line, then there's a case where the correction will be a lot deeper, up to 62% which is the golden fibonacci level. It would mean a price at around $8000.
Here's 3 signals that says BUY :)
- Touching the 200 day moving averages
- Price is setting up to cross the purple 50 day line
- MACD blue line at the bottom of the screen is about to cross the orange line.
Detailed picture:
Conclusion?
- If you're looking to buy, set wide buy orders that covers deep corrections.
- I'm not an oracle, I'm just sharing my thoughts and predictions. Technical analysis shows proable path ways, nothing is for certain. Please take responsibility for your own choices.
- Corrections are often longer than expected so have patience in these situations and don't panic sell.
Investment summary:
⭐⭐⭐⭐ 4 out of 5 stars on this investment
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.