Buy or Sell or Wait? BTC & ETH Analysis - 2018-04-10
The strategies discussed below are suitable for swing traders.
Both Bitcoin (BTC) and Ethereum (ETH) are in their low. Some people said, “Buy, it will go up soon” while others said, “Don’t buy, wait for it to go lower.” So, the question we all face right now is…
Will the price go lower? Or should we buy now?
Well, the answer could be “hidden” in their charts. Try looking at their charts below.
As you can see, if we draw a resistance trendline of the falling high from Last December until today, the price has not once broken above the resistance trendline. Below, as a support line, the $7,000 price seems like a good support line. However, it’s been broken multiple times in these couple of days, making $6,600 as the “new” support line. Or perhaps it’s $6,666 as in the devil’s number? Lol.
Is the price near the resistance trendline? Nope. Is the price near the support line? Yes, it’s been broken multiple times. So, it’s easy to guess. The probability of Bitcoin price breaking above the resistance line is smaller than the probability of the price moving downward breaking the support line.
Ethereum has a similar situation. The resistance trendline was there from the start of January until today. The $400 psychology line was broken multiple times, making $375 the “new” support line. Similar to Bitcoin, Ethereum is quite far from the resistance line and near the support line.
Conclusion
- Sell now? Don’t. Both BTC and ETH are considered the best and most solid cryptocurrencies. In a couple of years, it could “mooning”.
- Buy now because it will shoot upwards? Probably not. It’s better to wait. Wait for the price to break the resistance line for at least two (2) days. This is to make sure that you are entering when the market is bullish (moving upward).
- Buy now as a dollar averaging strategy? Yes! Perfect! If you are using averaging strategy, these days could be one of the best time to enter the market.
If this blog post has entertained or helped you, please follow, upvote, resteem and/or consider buying me beers :
BTC
ETH
LTC
DOGE
XMR
BTC : 1HqYTjRdZvss32vDrp1T8gRAXTgdqfZ6VS
ETH : 0x1fc22bC528ceE3DaA39555269b70e287dda9aE3E
LTC : LdEiGzjcG36EoZoezDu6rZmdwVcSJHazfr
DOGE : DMYx1w5Sr4uoMnNWymn5nMpCuySSr178TA
XMR : 46QngrRwYgAbQJzW2ZJZ8HEuirkUW2bw84ajWhk73DLG8iT9NqgfzSU4ddRZbeAaLgFeL6gAxzVtGZPHJhFmCDXF3ZEwimT
Great post @liberviarum!
I agree with your analysis, I'm still expecting BTC to fall. Personally waiting for a daily close above $7,000, but if you are an intra-day trader a close above $6,800 on the hourly should be good towards it's next minor resistance. Still expecting a drop towards $5,000...I sound crazy I know haha but only if support doesn't hold at this level. I'm excited for ETH as well, waiting to scale in some more. Potential drop towards $250-$275 if our current support does not hold. I post daily analysis as well, if you have time check out my page, Keep up the good work! Upvoted :D
Coins mentioned in post:
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STOPGood and informative post :)
Are you planning to join @originalworks this weekend and write about FarmaTrust ?
I made my first contest ever. Would you mind checking it out and sharing your feedback? And perhaps also commenting as Im interested what is your view on discussed issue:
https://steemit.com/blockchain/@crypto.piotr/mini-contest-how-ai-supported-by-growing-blockchain-technology-can-change-the-world
I would really appreciate if you could share some of your experience with me :)
Cheers, Piotr
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