Bottom for BTC may be in -- but it may be VERY wise to use the 3 day rule before buying in.
The above image reflects the weekly chart for BTC that I created on 1/31/18 where I forecast a bottom of $5850 - $5900. The red vertical line was where we were at the time.
You can review that post here https://steemit.com/bitcoin/@bycoleman/daily-crypto-1-30-18-no-good-news-for-the-btc-usd-chart-bitcoin-headed-to-usd6-000
If you look at this same drawing, with the price updated as of today, you can see we hit the support and bounced (light red line that dropped down to the support line), but the chart still looks VERY bearish.
I use the 3 day buy back in rule. In the stock market I look for 3 consecutive up days (based on closing price) then I buy in if the 4th day is still up. For crypto, I use the 84 hour mark once the bottom is seen.
By doing this, you may miss buying in the at the VERY bottom but you may save yourself an immense amount if the "bottom" is not the bottom.
Most recoveries are very complex and few just go straight back up.
Patience is the most powerful tool in your chest.
Hope this analysis is useful to you. Comments are very welcome.
Disclaimer -- I hold ZERO positions in BTC.
Invest wisely for the future.
I've been trading now for nearly 40 years, but this is just my personal opinion and should not be taken as financial advise!
@bycoleman
https://ColemanAir.us
Craig
Hi @bycoleman. If I had the funds to invest, I'd seriously think of buying BTC now. But I won't use all my funds. Probably about a third. If indeed this is the bottom and price goes up, then I will buy BTC with the remaining funds on the third day. If it continues to go down, I'll buy again at a lower price using a third of the remaining balance and wait. It's called averaging.
But most analysts are saying BTC should go up after the Chinese New Year. This plus the fact that the worldwide stock market crashed due to massive sell off could signal some shift towards crypto by some investors.
This is a great post. At least the author is taking a position and risking his reputation by giving a prediction of what he thinks the price will be. Most don't and just give different rainbow colored and Greek alphabet waves refusing to commit what it would be which is what matters most in the first place.
Good morning Gems.
I personally will be buying altcoins. I'll try to post some of my recommendations a bit later.
Your are wise to take it slowly.
Many blessings
Good morning too. I will await your altcoins recommendations. And your other posts as well.
Not sure you should wait on me, I move slower these days :)
One of my favorites is steem. It is undervalued both the token and the platform. And your investment in it can help you be more profitable here as you post and curate.
Much success.
I was looking at the $6,000 level as support and that's proven true so far, but caution still needs to be taken as you've pointed out. It's very common for markets to retest support levels and I wouldn't be surprised to see BTC back down at $6k by the weekend. Then we'll likely see if that really was the bottom or not.
Of course crypto markets can behave strangely so maybe price will keep heading higher without a retest.
I absolutely agree.
Thanks for the comments and hope you are following along.
I am, that's how I saw the post ;)
Looking forward to more great content.
I upvote this post 100%
Sir i don't know that much about steemit
Because i am new ..
Sir plz upvote mine post also
Maddy please do not TROLL
😜😜 sry... bt i need help from all of uh
This is why I took my bitcoins and put it on steem cause this is ridiculous but I tell ya...once the settles...imma continue to use bitcoin as a currency just not now cause I ain't trying to lose money
Thanks for the comments and much success!