In this STEEMIT post I will be giving my reasons why I am still waiting for BITCOIN to drop below $6,000 before buying MORE. All are opinions and my own ideas and should not be taken as credible investing advice. (09/12/2018 8:00 PM CST)
As I'm sure you've heard, Bitcoin and Cryptocurrency can't be compared to the traditional stock market. IF this was like traditional markets it would be a no brainer to accumulate more Bitcoin as soon as possible. HOWEVER since crypto is still relatively new and use cases are still being introduced each day, the Bitcoin chart has some maturing to do fundamentally and technically.
RSI STUDY:
The RSI shows a couple bullish indicators being so low but because it's still above the ALL TIME LOW I think it will drop back down to that level before it starts rising.
MOVING AVERAGE STUDY (50,100,200DAY)
The last study shown is Moving Average (50,100,200DAY). The moving average is a succession of average over a giving amount of time and 3 are shown in Yellow, White, and Purple. Because the 50 Day (Yellow) is about to dip below the 100 Day (White) this is a bearish indicator. I'm looking to average cost buy if it dips below $6,000 and accumulate more Bitcoin and Steem but on the other side if it starts taking off past $7,000 or $7,000 this could be a STRONG support for a bull run.
Ultimately only time will tell so let's hope for the BEST, plan for the WORST, keep accumulating, and STEEM ON!
Contact me at: https://twitter.com/Patchez
