I've been patiently waiting for BTC's price to reach this area for awhile now, this is the first prime buying opportunity since the bounce from 3k in mid-September. As you can see on the chart the best low-risk buying opportunities in 2017 have come from the bottom of that cyan ascending trend-channel, and price has once again reached that zone almost five months later and this time with a lot of confluence.
Bottom of the 2017 ascending channel (cyan)
Bottom of the recent bearish price channel (red)
Support from the 200 day simple moving average
This is also the 61% retracement level on the yearly swing high to low
I do not recommend jumping in all at once. Although price is entering a prime buying zone, there are no guarantees in the market, there are only probabilities. The best course of action in my opinion is to dollar cost average to build up a position. Split your capital up and average your way in from now to possibly 7.5-7k
Been waiting for 8k since we broke major support a couple weeks ago:
thanks for an explanation, i live in iran, as Bitcoin is New in here and we are on sanction,, we donot have credit card or any other way to buy Bitcoin Directly from any website like Coinbase or so..( its filtered by government or its unavailable to register to the website cuz of sanction against iran,, , so i have to send USD to y friends In USA or CANADA, and ask them to buy me some BTC. so Y i explained you this scenario,. sending the money outside take about 2 or 3 days, ( again not from iran,, From Dubai or Turkey) My question is ,, Do you See downtrend for next 2 or 3 days ?? thanks in advance for the answer.
WhiteBeltCrypto
⋅
Did you see that bounce? Lot's of support at the 200 day MA
DrixlRey
⋅
Great analysis and understandable. Keep this up! Everything here makes sense.
taranasus
⋅
A very good call sir! Very nice. Looks like it might go Bull, Fingers crossed X
Grandmaster_Nitemare
⋅
Excellent chart. Bought @ 8000$. Lets see if this was the bottom ...