SUPPORT LEVELS FOR BTC/USD
I'm going to preface all of this by saying that I'm not that great at technical analysis but I believe I know some basics. Either way I'm sharing what I believe to be three key support lines in the coming days. I still think we're on the way down for now (even though there is a small upswing going on right as I type this).
The support levels are the three white horizontal lines at $5793, $4602 and $3251. They are rough support levels but give a sense of where previous support and/ or resistance was in the past.
I have placed a buy order for BTC at my first support level of $5793. I have only allocated 50% of this investment to this level. This is for two reasons.
- There is still a big chance that it could fall lower.
- It could bounce before it and I don't want to be caught with my pants down.
As I said I believe the bleeding isn't over but remember that this is what a market does. There isn't always going to be a continual upswing.
SIDE NOTE
I have learnt through this bearish patch the importance of taking profits. As I've always said I'm only investing amounts I'm willing to 100% lose. However, it would be nice to have sold at some of the highs and then have some more money on the side to invest in this dip/ correction (or whatever you want to call it).
Disclaimer: This is not legal financial advice. You should seek your own professional council when investing in cryptocurrency. Never invest more than you're willing to lose.
