Best place to scoop up more Bitcoin ! ! [BTCUSD]
Updated
Short explanation:
Wait for price to drop to my drawn lines before buying or adding to your positions. These lines indicate the areas that the big buying is currently taking place in bitcoin...AKA the uptrend
Long explanantion:
My drawing projections aren't always 100% accurate, however, it's all about direction & areas of obvious buying pressure. The lines I've drawn show the clear uptrend that bitcoin has remained in for the last few years. I won't say bitcoin is going to 1Million right now but I will say that when it drops again, I'll be adding to my position if price shows bullish candle sticks near the lines drawn.
I wouldn't be buying right now. You should already be in at lower levels, even if you plan to daytrade. From my perspective, $15,000 is the nearest magic number to be buying. Failing $15,000 & dropping back below $10,000 is surely possible, as anything is. However, if these ORANGE trend lines continue to hold, no amount of bad news will stop bitcoin from breaking above $20,000.
I'm also into other altcoins, as there are several that are undervalued in relation to bitcoin & show just as much promise, as large investment companies pile in. I'm a fan of Ethereum ETH, Ripple XRP, & Telos. I've got a few other random ones that I'll keep buying under the $1 price & will keep adding to as long as their tech stays promising in the news.
I'm more of a technical trader, meaning I make my decisions purely on what the chart shows. However, when billionaires like Paul Tudor Jones get into Bitcoin or Warren Buffett gets in on Gold, I know I've got to have an ear to the streets. As long as the charts say buyers are staying in, that means we stay in! Don't over leverage though! Don't keep adding when price is getting higher & closer to high pressure selling areas. Take a little profit if you feel the need but wait for price to drop before adding more. This keeps your risk to reward in a more optimal position. Buy & sit. If you feel anxious, open a Forex account & day trade oil, gold, or US30...I use FxChoice.com for that. I'd say get Etrade.com & trade stocks but stocks are slow in comparison to commodities & indices like DE30. Forex pairs like EURUSD are great for beginners, as they are cheap, move slower, & you'll lose less money when you do trade. PRACTICE ON TRADINGVIEW.COM's fake account until you are confident to take on real money. I've taught my kids everything I know & they a little spending money for now, so I know you all can do this! PRACTICE...
Note
***I meant to say "XRP & Tezos"
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.