Bitcoin Pulls Back into Buy Zone. Do I Have the Balls to Buy?
Cryptocurrency Markets
Another of the trades I went over in the weekend’s weekly market preview was talk of a Bitcoin long.
I spoke about price having not quite pulled all the way back into the weekly zone, but it being a close enough is good enough type scenario. Well that argument is now mute, with price pulling back again and plunging right into the buy zone.
Once again, here is a higher time chart for context around why I have chosen to be only looking for buys on Bitcoin:
BTC/USD Daily
I’ve actually been talking about buying Bitcoin when price pulls back into that buy zone for a while, with the following quote from a cryptocurrency specific weekly market preview from a few weeks back:
But the real battle is going to be waged in that blue zone on a pullback.
If it does in fact pull back to there, that’s a possible trade where we can make serious bank getting in on a breakout early. Because if it does bounce and break out, you’re already in. You don’t have to worry about stops around the breakout point.
Watch that one. It really gets me excited.
The question now becomes, do I have the balls to actually pull the trigger and buy on what feels like it could be a bit of a catch the falling knife scenario.
Zoom into an intraday chart and lets have a look there:
BTC/USD Hourly
So there’s really not much happening in terms of previois short term resistance that we can look to turn to support... yet.
But as I said in today’s earlier AUD/USD blog post: You’ve just gotta remain patient!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
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Don't love that all the moving averages have all started to slope downwards but I continue to view things more as LT plays. Feel we're finally starting to see enough positive media/social momentum which could help with the longer term gains. Going to buy up soon I think
Markets move on supply/demand factors short term, but the fact that now institutional money is getting involved show how long term bullish, crypto is.
Exciting!
This longterm green trend line seems to be where the bottom is every time. Bitcoin just bounced off that green line again (around the $8100). A big breakout may soon happen if this trend continues to hold in place. There's been so much great news come out, especially in several of the major alts last few days, a big breakout is coming? This area of support has a high chance of major bounce, then a major move up can follow.
Yeah, I see that long term, bullish trend line in green as the key to everything. As long as that holds, then technically we are still in a bull market. The fact that price has held above it, through the entire bearish shitstorm that we've been in since before Christmas, is actually a great sign imo.
When the bounce will come, well who knows. But I'm invested and when I'm trading, I'm only playing from the long side so I don't miss out when it does.
Same question for me. I bought earlier in the high 800s but happy to go again but also considering Ether.
I'm out of ETH because I'm much deeper in EOS. I still believe that EOS will take away large chunks of ETH's market and as a result, am no longer holding.
Bitcoin however, is still going to be king. Especially when it comes to institutional money being invested. Can't go wrong there imo.
The title makes me laugh - describes myself.
When Bitcoin seemed to rise towards 10K I thought "I hope it drops down to 7-8K again".
I'd like to own an entire bitcoin soon (halfway there!).
In terms of a long term investment portfolio, I'm still a believer of having Bitcoin as a large percentage. I really think that Bitcoin is still king when it comes to accessing institutional money and that's all that matters in this next crypto market growth phase.
Hmmm, prefer to deal with news rather than TA. You find TA really helpful in crypto trading?
Yeah, I'm TA over FA. I find that TA tends to lead and the levels give me clear prices to manage my risk.
There really is no right or wrong though and this is just my personal preference. Do what works for you and makes you money.