Where will Bitcoin pull back to?
Getting ready to buy the dip?
That is great and all but how will we know the dip is here?
That is where Fib levels can help us a bit!
Now that we are pretty certain we would like to buy the dip in bitcoin, we have to figure out where that dip may be...
Forget timing it in terms of a time-frame because according to that we should have already been dipping, yet here we are with bitcoin over $8k.
Anyways...
Where should we be looking?
According to the fib retracement levels, I am especially looking at the $6k area:
(Source: https://twitter.com/Josh_Rager/status/1136479195394191366)
Specifically, I am looking at the range of $6,800 to $6,100 based on the fib retracement levels as well as previous supports.
That is a big range I know but it was an area that provided a ton of support on the way down during much of 2018.
History doesn't always repeat, but charts do tend to have memory.
Based on that as well as the fib levels, I think anywhere in that range will be a great spot to start buying again.
If prices go below $5k you don't really want to be in it anymore from a technical perspective as all bets are off where it goes from there.
Stay informed my friends.
-Doc
As you said, going below $5K would be scary, so I don´t think we will even get close to that value, I'm waiting for BTC to hit barely $6k and start the run that we are all waiting for...
Anything sub $7k sounds good?
Ye!
A pretty number for me would be $6400 :D
I like round numbers. $6k would be lovely to me.
Yep, completely agree!! :D
Which means we probably won't get it!
Exactly, with BTC that's what's most likely...
With any asset and market really. Whatever the direction most people are positioned for, the market often does the opposite.
My thought is that it will bounce off of 7k, so I would go with the high end of 6.8k... there is a lot of momentum here.
I could see that as well. $7k will be tough to crack.
Even the pullback has stalled 🧐
It will likely be a multi week process.
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Thanks.
I also did some analysis of the trend, for me the charts and the data show a strong uptrend. Let's see if BTC does what the data says it will do :D
For now, I do all of my trading via eToro and you can read about that in here.
Disclaimer:
I am not a financial advisor.
I am not affiliated with eToro.
The intention of the post is just to share my experiences and discuss with like-minded people.
What does your data say it will do?
@jrcornel I think it will jump to maybe $8300 then drop a bit. The overall trend is growth, so it might grow to former glory. This is based on a short term analysis.
What do you think ?
For now, I do all of my trading via eToro and you can read about that in here.
Disclaimer:
I am not a financial advisor.
I am not affiliated with eToro.
The intention of the post is just to share my experiences and discuss with like-minded people.
I think over the coming weeks we drift down to $6500/$6k area... then it's off to the races again after that.
Let us hope that it does have a drop, so we can buy a bit more of them :D Would be nice if it drops to 6.5k but I think the lower support line is a t 7k :D
The fact that we are waiting for that means a lot of people probably are... which means it may not happen.
$6800 looks like the best dip we'll get...couldn't even imagine saying that in 2017 or early 2018. Live and learn for me.
Posted using Partiko Android
Seriously. No one wanted to buy at $7k on the way down... now everyone just hopes it will dip.
Not sure there is enough supply to sell to get there unless the overall risk asset class start to sell for liquidity. Not likely though with Central Banks continuing to print fiat!
Posted using Partiko iOS
We shall see!