Are all the weak buyers out?
Here's my blog post for October market forecast - chrisdunn.com/october-market-forecast-for-stocks-gold-and-bitcoin/
Currently watching $345-$400 to see how the market
reacts to this major key support zone. I think many weak
longs are already out of the market, so I would expect to
see bulls able to hold this level for a while unless something
crazy happens.
I think the $300-$400 price range is a good "wholesale" area
to start accumulating for long-term investments. That doesn't
mean I think this is a "bottom" in the price of bitcoin, just that it's
healthier to buy near technical support than chase big spikes,
which is unfortunately what a lot of new investors/traders do.
Currently watching $345-$400 to see how the market
reacts to this major key support zone. I think many weak
longs are already out of the market, so I would expect to
see bulls able to hold this level for a while unless something
crazy happens.
I think the $300-$400 price range is a good "wholesale" area
to start accumulating for long-term investments. That doesn't
mean I think this is a "bottom" in the price of bitcoin, just that it's
healthier to buy near technical support than chase big spikes,
which is unfortunately what a lot of new investors/traders do.
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