Broke below 32600...Now What?
Early this month I mentioned that BTC wasn't showing any kind of strong buying strength since the low on 6/25. Price action had been rather range bound and I said that it would be risky to add more coins, either BTC or Alts unless we see a break above 36,500 level...we did not get the buying strength since. So, I paused my dollar cost averaging (DCA) too. Pausing DCA has been a good thing as I have cash built up and will deploy it when the right moment comes.
Now the price has dropped below key 32,600 level and we have to be prepared for more down side in the short term at least. Now, leave the price action to the market to decide on how low it can get. It is probable BTC could drop to 23k level and it is also probably it will not. So, at this moment, I try not to add more coins on any fresh weakness because we still do not know the bottom would be...whether 29k, 23k or 19k. Let the price to settle at the new lower level for a while and then resume your DCA.
Treat this down move as an opportunity to add more BTCs. Seize every moment it presents to your advantage. Don't FOMO or get down due to FUD news that would surely come at every new lows.
Now the price has dropped below key 32,600 level and we have to be prepared for more down side in the short term at least. Now, leave the price action to the market to decide on how low it can get. It is probable BTC could drop to 23k level and it is also probably it will not. So, at this moment, I try not to add more coins on any fresh weakness because we still do not know the bottom would be...whether 29k, 23k or 19k. Let the price to settle at the new lower level for a while and then resume your DCA.
Treat this down move as an opportunity to add more BTCs. Seize every moment it presents to your advantage. Don't FOMO or get down due to FUD news that would surely come at every new lows.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.