My Price Analysis Update on "BTC/USD"
$9,000 is the new figure to beat. I believe this signals the next top for now so be prepared for this pair to go down for a bit. I suppose it was a given really, seeing as the rally we had up until this point was fast and furious. So then, from a longer term perspective, am I still bullish? To put it bluntly, more so than ever before!
I love the daily chart on BTC/USD. I find it to have the perfect balance between all time-frames and give you the best overall picture of what's going on price-wise. As you can see, the 200 Moving Average* is well and truly in bullish territory. The weekly chart is too, though not pictured here. I see next support at around $7,300 which runs all the way down to the $4,500 level. Between this rather sizable area, a long term bottom should be found which will, in theory, catapult Bitcoin into "astronomical" territory again. Although we're talking possible six-figure digits here. But, as I mentioned, where the next upcoming bottom is, nobody knows. So best thing to do is employ a tried-and-tested strategy, still yet to fail in the crypto markets. Dollar Cost Averaging, of course!
I would choose to implement three limit order positions. One being at $7,300, the second at $6,200 and the last at $,4,800. Usually analysts don't like to use actually numbers in their posts, but I'm putting this out there because I'm that damn confident in them. Then all you gotta do is sit back and let the markets do as they will. Remember that this most likely is your last chance to get Bitcoin at these prices before the next bull run. However, I don't know how long it will take or at what level within the range I've selected, it will kick in.
Other indicators supporting my short-term bearish bias include the MACD which has just turned to the downside as well as the ever-popular RSI which also has plenty of room to run. But make no mistake, I still wouldn't sell into these positions. It's "accumulation city" now. Stocking up on as much Bitcoin as you can as the price points I outlined, make the most sense at this juncture. Know that the rocket ship is almost done refueling and what to do next should be crystal clear.
This is a "golden time" to get into Bitcoin once again, in it's short-lived historical time span. Try to maximize on the opportunity presented and set yourself up nicely for the incoming moonshot. And as always, stay disciplined and diligent, my Steemian peepz!
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