You are viewing a single comment's thread from:

RE: Bitcoin Services (BTSC), a rare Bitcoin stock that may be a great opportunity

in #bitcoin7 years ago (edited)

I don't know a lot about this stock, who is it's CEO or what-have-you, but, from a purely technical-analysis point of view, this could be a strong buy under certain conditions.

That said, I advise against buying right now, after such a big gain with very little pull-back.

https://www.tradingview.com/x/fvvxBlvi/

You can see on the hourly chart above that there has really been no pull-back to speak of since the late May move (May 25th, to be exact).

Moreover, there was a large gap up in price (circled and highlighted with red) on June 1st. My experience tells me to expect price to come back to test that gap (or "fill" the gap). That would be the first price point that I'd consider taking a position and I wouldn't throw my whole wad at it at that level either (in the case that I'm approaching it as an investment that I'm going to sit on for many months or years).

Another thing to watch is the moving averages. I feel uncomfortable any time that price is a significant distance above them. Sometimes price can manage to make an exponential move away from them and continue to add distance on them, but, typically, the further and faster the price moves away the faster and harder they fall once they establish a top and they usually come back to "test" those moving averages.

In this case, the 50 SMA (red line) isn't too far away from price, but it's far enough that I would rather wait for a correction (possible test of that line), which is probable in the next couple of days, IMO. I like having the comfort of a major moving average nearby when I take positions, as these conditions make for less risk of volatile drops in price.

Sort:  

Great technical analysis point of view, much appreciated. I cannot argue it would MUCH better to buy on a pullback if it comes. I have no real feel as to where this is going short term, long term, it looks like way higher, time will tell.

If it follows bitcoin at all, I agree that it will likely be much higher in the future. How much?

Your guess is as good as mine :)

A guess is right, you said it!!! lol!

Coin Marketplace

STEEM 0.16
TRX 0.15
JST 0.028
BTC 54604.00
ETH 2294.93
USDT 1.00
SBD 2.34