Three Bitcoin/ USD Support Lines To Look Out For In The Coming Days
SUPPORT LEVELS FOR BTC/USD
I'm going to preface all of this by saying that I'm not that great at technical analysis but I believe I know some basics. Either way I'm sharing what I believe to be three key support lines in the coming days. I still think we're on the way down for now (even though there is a small upswing going on right as I type this).
The support levels are the three white horizontal lines at $5793, $4602 and $3251. They are rough support levels but give a sense of where previous support and/ or resistance was in the past.
I have placed a buy order for BTC at my first support level of $5793. I have only allocated 50% of this investment to this level. This is for two reasons.
- There is still a big chance that it could fall lower.
- It could bounce before it and I don't want to be caught with my pants down.
As I said I believe the bleeding isn't over but remember that this is what a market does. There isn't always going to be a continual upswing.
SIDE NOTE
I have learnt through this bearish patch the importance of taking profits. As I've always said I'm only investing amounts I'm willing to 100% lose. However, it would be nice to have sold at some of the highs and then have some more money on the side to invest in this dip/ correction (or whatever you want to call it).
Disclaimer: This is not legal financial advice. You should seek your own professional council when investing in cryptocurrency. Never invest more than you're willing to lose.
7k has gotten rocked... I've been saying for weeks btc $5500 before it goes back up. I doubt the whales will let it slide past $5500.
You got a 1.19% upvote from @postpromoter courtesy of @cyrptoreports!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!