Trying to catch the falling knife? My Bitcoin Target Price<$9500
Image source: http://fortune.com/2017/10/02/bitcoin-goldman-sachs-price-buy/
12/22/17 Recorded Video BTCUSD 13k
12/24/17 BTCUSD 13k
There is a popular saying used in the stock market, "don't try to catch a falling knife."
For a technical trader such as myself, these phrases really don't affect me much. My main strategy for day trading IS catching the falling knife. The beauty of technical analysis is that it takes the emotion out of trading and gives you a rough outline of a plan that you can follow.
The following video is my opinion and shouldn't be taken for financial advise. It is based purely on chart history and previous price action. That being said, I truly believe that 9500 and under would be the best position to target with the least amount of risk.
Thoughts and opinions are very welcome. Thanks for watching :)
It's a very important day tomorrow for BTC...
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STOPYes, good point but it also again and again made U-turn after breaking 50 EMA. However, you can be right, I read a comment from some-kind of
bitcoin insider who said that he is not happy about how fast the price of bitcoin was growing lately and that he hope its price will stay around 8000 for several months and that after it will slowly grow to 20,000. However I am not sure if there is anyone who can decide how bitcoin's price will grow. It is out of anyone control I guess.
Yes, I did notice that as well. 50ema would be also be good target, and it did actually bounce from that level after this most recent dip. I was suggesting the 100ema because it would be even less risky as a buy in target for anyone on the sidelines.
I agree that the rise BTC was parabolic and unsustainable, a correction was the healthiest thing for it to do. It will be interesting to see where it heads from here. I think the less volatility the better because for its price, it actually acts a lot more like a penny stock.
Thanks for commenting!
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STOP