Bitcoin - $7800 Here we come, or do you really like a sale?
I believe Bitcoin is still in an overall Bull Market. However as long as we stay below the 200 Day MA, I feel we are in a short term Bear condition.
BTC is about to cross the 50 Day MA to the downside, if it does, we are pretty much locked into a decline to $7800. It is from $7800 that I feel we have the first real chance to break the downtrend and move up to 10,200 then 11,600 before we have a new set of challenges to go even higher. Presently my plan is to start buying at $7800 in increments.
On the downside, if we break $7800 we might be looking at the area of the 365 day MA and or the lower ascending recovery line $5,428 in Nov 2017 touches $6001 Feb 6th and continues up to the general area of $7000 at the present time. A breakdown on the $7000 area will likely take us back to $6,000. This is for information, I do not look for these prices to be tested.
I think that the 7,800 to 7,600 area is much more likely to be the bottom of the current Bear trend.
What I hope to confer to you is, That I'm keeping my powder dry to have some cash on hand, I plan to buy on sale. Don't lose your patience and don't buy in all at once. I always plan to divide my cash into increments and buy in as the price drops with an eye on the possible areas of support I've just outlined. Then I plan to ride the elevator up to the resistance levels of 10,200 and or 11,600.
Never forget, that all the above have a direct bearing on Altcoin prices. I'm also buying Altcoins as prices fall with similar targets. Bitcoin price levels are strong indicators of the direction of Altcoin price movement, but not necessarily the magnitude of the price movement.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
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
Related publications
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.