Calling bottom! on BITCOIN BTC / USD = $5,547 - $5,856 Buy zone?
Hi guys.
All eyes eagerly await the 'bottom' of this volatile bear market down trend.
Bitcoin isn't perfect (yet) but I belive in the tech so I personally do not think it will go to zero.
Looking at the 1 day chart and utilising a slightly amended fib retracement (50% removed) I am going out on a limb and calling the bottom somewhere between $5,547 - $5,856 (variation due to using wicks / real bodies)
Of course this level could be broken but I can see no reason for much lower levels due to the cost of mining Bitcoin (in the USA at least) As people like round numbers and the level has been tested maybe $5,500 is the magic number.
Personally I will be adding to my portfolio within the above range - and holding for the LONG TERM.
We could see some consolidation and little movement in the market for anywhere up to a few weeks (as crypto moves much quicker than other markets I don't think it will be months after this huge sell off)
Watch for the volume spikes at the levels mentioned above.
For entertainment purposes I do think we can see $40,000 bitcoin by the end of 2018. However, unlike before there is now a LOT of overhead resistance to contend with. Remember that when the bulls return.
I guess we shall see. Either way hold on tight, its going to be a bumpy ride!
I am not a pro so welcome all constructive comments.
Dash - UK.
All eyes eagerly await the 'bottom' of this volatile bear market down trend.
Bitcoin isn't perfect (yet) but I belive in the tech so I personally do not think it will go to zero.
Looking at the 1 day chart and utilising a slightly amended fib retracement (50% removed) I am going out on a limb and calling the bottom somewhere between $5,547 - $5,856 (variation due to using wicks / real bodies)
Of course this level could be broken but I can see no reason for much lower levels due to the cost of mining Bitcoin (in the USA at least) As people like round numbers and the level has been tested maybe $5,500 is the magic number.
Personally I will be adding to my portfolio within the above range - and holding for the LONG TERM.
We could see some consolidation and little movement in the market for anywhere up to a few weeks (as crypto moves much quicker than other markets I don't think it will be months after this huge sell off)
Watch for the volume spikes at the levels mentioned above.
For entertainment purposes I do think we can see $40,000 bitcoin by the end of 2018. However, unlike before there is now a LOT of overhead resistance to contend with. Remember that when the bulls return.
I guess we shall see. Either way hold on tight, its going to be a bumpy ride!
I am not a pro so welcome all constructive comments.
Dash - UK.