It is beyond a doubt that the price will go up again somwhere and in the recent future - unless the God ordains to cause sort of a catastrophe like the case of Mt, Gox.
The question is when the rally will commence.
It is well-known that just because the price has slumped to a large degree does not categorically mean that it is a good opportunity to buy.
Many people are, nonetheless, easily seen exhorting to take a long position, despite the price plunging several times.
In my opinion, the most possible potential reversal zone can come down to two ones, indicated on a 4 hour chart of Huobi.
The price, thinkably, will rebounce off 'B' zone, though it may break below the zone..
One of merits and concurrent demerits to BTC, I think, is that its price sprials and collapses in too short a time.
It is conceivable that it pierces B zone to a great extent, but bounces off to much same extent right after.
A similar example is when the lowest was made - 275 dollars. It had gone so far as 270's, but that was proven untenable short after.
Considering this, I am going to set a limit long order at 'B' zone with half assent of mine, in the hope that the price grazes that line. But it would be wise, I believe, to place a buy order at A zone, in case that the price bonces off there but does not touch a B zone..
I had shorted at 2360 and closed it at 2200 and switched my position to long there. But the price missed my expectation and slumped again. So I have cut my loss at 2140, am watching for the price to enter either or both of the zones.
I will set a limit order half at the bottom of a A zone and half at a little above B zone. It is important to make sure the deal is fuliflled.
Update : It appears that A zone is more likely to become a bounce zone. That is shown when you use Bolinger Bands. Band's width is reducing, while the price is reaching a bottom line. I am going to buy there if that is the case.
Thank you for reading. Please leave a comment, if you are willing to, which is helpful for an amateur trader like me.
The question is when the rally will commence.
It is well-known that just because the price has slumped to a large degree does not categorically mean that it is a good opportunity to buy.
Many people are, nonetheless, easily seen exhorting to take a long position, despite the price plunging several times.
In my opinion, the most possible potential reversal zone can come down to two ones, indicated on a 4 hour chart of Huobi.
The price, thinkably, will rebounce off 'B' zone, though it may break below the zone..
One of merits and concurrent demerits to BTC, I think, is that its price sprials and collapses in too short a time.
It is conceivable that it pierces B zone to a great extent, but bounces off to much same extent right after.
A similar example is when the lowest was made - 275 dollars. It had gone so far as 270's, but that was proven untenable short after.
Considering this, I am going to set a limit long order at 'B' zone with half assent of mine, in the hope that the price grazes that line. But it would be wise, I believe, to place a buy order at A zone, in case that the price bonces off there but does not touch a B zone..
I had shorted at 2360 and closed it at 2200 and switched my position to long there. But the price missed my expectation and slumped again. So I have cut my loss at 2140, am watching for the price to enter either or both of the zones.
I will set a limit order half at the bottom of a A zone and half at a little above B zone. It is important to make sure the deal is fuliflled.
Update : It appears that A zone is more likely to become a bounce zone. That is shown when you use Bolinger Bands. Band's width is reducing, while the price is reaching a bottom line. I am going to buy there if that is the case.
Thank you for reading. Please leave a comment, if you are willing to, which is helpful for an amateur trader like me.
