From a technical perspective, now is the time to buy Bitcoin
Professional Chartists say now is the time to buy Bitcoin.
Robert Sluymer and Fundstrat Global Advisors just publisher their weekly crypto technical analysis and they say now is the time to buy bitcoin.
Specifically, buy it over the next couple days on the expected pullback.
(Source: https://twitter.com/rsluymer/status/1019614609001668608)
Why buy now?
The thought process is that we finally had a downtrend break on significant volume.
Since we weren't trying to catch a falling knife, we likely needed to see this kind of price action before we could buy in based on the technicals.
Now that we had that trend break, the play is to wait for some throwback (a pullback), and then buy for the next leg higher.
$7200, $7000, and $6800 are all support levels to watch and add positions at.
Basically, the chart has now flipped from a bearish bias, to a bullish one in the medium to longer term. With a bias to the downside in the very near term.
Buy that weakness.
A more in dept explanation of Sluymer's and Fundstrat's rational can be seen here:
(Source: https://twitter.com/rsluymer/status/1019614609001668608)
The pros have spoken...
You heard it here first folks, the professionals are now saying "buy the dips" instead of "sell the rips" based on the technicals.
That doesn't mean it is impossible for bitcoin to make new lows at this point, but it means that the odds have now flipped in favor of the bulls, and trading is all about position sizing and playing the odds.
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Stay informed my friends.
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I always wonder if that actually works lol. In any case we all have a steem address lol Transaction is free and instant too💪
Yep, it did work.
If it moons,it's a good buy.
I’ve been waiting for a while to buy some so thanks for sharing this
@jrcornel in spite of BTC good momentum, altcoins are bleeding why?
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The time was a month ago.
Not from a technical perspective. It was akin to trying to catch a falling knife. You may eventually catch it, but you usually get pretty bloody in the process.
Nice Analysis. do you think ETF will affect the price of bitcoin or any other cryptocurrency?
EPF as in the retirement plan in Malaysia? Or do you mean ETF?
ya Sorry i just typed it wrong.
Ah ok, yes it will have a profound impact. Especially if the ETF is physically backed by the currency it represents. A physically backed bitcoin ETF would likely lift bitcoin prices rather dramatically as the fund would have to go out and purchase the coins. Gold ETFs sent the price of gold "to the moon".
The Chart Of Bitcoin is As Similar as Gold And Hence we can See a Huge Pump Into It.
So, What Do You Predict Its Price After Thr ETF.?
Tough to say, though I would not be shocked to see bitcoin hit something like $50k over the next 2-3 years as bitcoin ETFs make their way onto the scene.
I Hope For A Better Result..!!
By The Way You Have A Great Knowledge Of Analysis..
I request You To share More posts Like this. I Found It really Helpful
Thank You So Much
can it dump the alts coins??
Will it have an effect on other coins as well?
Absolutely. The only question is whether it will be a positive or negative effect.
i was thinking to invest and i am noobie in crypto field with very less knowledge. I see posts regarding bitcoin and try to understand things.
Most likely as bitcoin goes higher it will pull many of the altcoins up with it. Though, it is possible that bitcoin could also go up while pulling value out of the altcoins, meaning as bitcoin goes up, they go down. Though I think the first scenario is the more likely one in the current environment.
Thank you sir. it was a great suggestion from your side.
I hope so