Bitcoin - The Sale Continued, Will it be a fire sale?
The chart above is pretty self-evident. Short Term stay in cash.
I find it interesting that Bitcoin - BTC has bounced off of the 365 day MA, will it hold? At this point opening trades on BTC is closer to gambling than trading. I am still long-term bullish on Bitcoin but if the Recovery Ascension Line I've drawn is violated and a candle closes below it we are going to 6510 or even perhaps 6001 which is a physiological level last reached in Feb of 2018.
At the time as 6100 is approached. I would consider opening a new position if the momentum appears to be waning and the volume has dropped off. Unless or until then I would not consider opening a new position below a close above the 50 day moving average.
All of this has an impact on Altcoins of course. I have already added to some of my favorite Altcoins. I had set a buy for Verge at $0.048 and bought a little there but also held on and bought more in the $0.03+ range as well. Everything is on sale right now the question is, how deep will the discounts get?
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
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