What's up guys ! So we have serious downside action again on BTC. The price is now at 6.25k ! Since everything has been broke, the price decline might continue. However, Bitcoin could bounce at any time... The price is sooo low and that's why I'm comfortable starting buying now.
We have support at 6k, so 2 options :
1) A good bounce at 6k.
2) A drop between 5k and 5.5k and then a bounce maybe near the 200 daily moving average. But caution here. First it could drop lower. Second, it could bounce lower... I see strong resistances between 8 and 9k.
Also, the daily RSI is around 25 (which is low as F**K) and if we break 6k it will be strongly oversold and this will be a strong buy signal if we rely on RSI historical data. Also #2, look for big volume as a buy signal indicator and as a possible bottom.
As I was saying, we have no idea where BTC will bounce and that's why it can be smart to start buying now. And remember, the more the price fall, the more you buy... And you start selling in the bounce when you are at profit. Don't use this strategy if you can't handle the fact that you will be at lost before to be at profit...
I'll post good analysis I made in the last few weeks/months in the related ideas below if you want more details on this strategy and Bitcoin behaviors.
Feel free to ask me questions if you aren't sure how this strategy works.
Stay tuned for more updates,
Fred
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I started buying at 6 250$ all the way down to 5 750$ and I started selling at 6 700$ all the way up to 8k. I still have some bitcoins left form this trade but I sold the majority of those already. If you followed this trade and want to play it safe, you should sell the majority of your bitcoins from this trade now if you haven't done it already. Of course you can (should) keep your profit in BTC !
so levels to buy in 3 steps. 6100. 30% 6000 30% 5500 40% this are my buy orders.
FrederickDupont
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@CrissCristofer, Exaclty ! However i'm all in at 4.5k... but I don't think BTC will go under 5k. So you should maybe play it a bit safer and be all in at 5k.