VaidoVeek

BITCOIN | Technically A Good Buying Area To Load It UP!

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi,

The correction has started - the price of Bitcoin has already made a 20% downwards move from the current all-time high. To be said, since March 2020 we have seen only one 30% correction but during the 2015 - 2017 bull-run , we saw nine. Is the current one is the second since March 2020?

Probably yes, at least the start has begun. Do not panic, everything is normal, in time to time the market just has to correct (as said, nine times in 2015/17 and still we are here), and actually, it offers a lot of opportunities to buy your favorite coins at lower prices.
If we see discounts in stores, everyone runs to buy new clothes, shoes and etc but if we see discounts in the markets, then the tendency is panic, and run, run as far as you can! Why!? Yes, probably the panic starts to kick in these FOMO players who started to buy above 55k at the first time but not for those who know the market.

So, panic? - no, you just have to be prepared for these corrections, they are just opportunities to jump in from technically good buying areas.

Let's find an area from where you can make a profitable long-term investment. Historically, during the trend, the average correction of Bitcoin has been around 30%, and atm technically the strongest support waiting for us exactly around the 30% correction benchmark.

First of all, the move to the marked area should be confirmed after yesterday's wick gets filled. We haven't seen wick fills for a long time and now, looks like it might happen - this is another sign of lack of bulls or bearish pressure, which can drive the price around 40k.

Buying area criteria from 37000-42000:
1) The trendline, waiting for a third touch.
2) Previously worked resistance becomes support, a really nice grossing area with the trendline.
3) The round number $40000 acting as a support level .
4) Daily EMA50 adds strength to the marked area.
5) Fibonacci retracement 38% and 62%, pulled from different lows.
6) Historically, the average correction of BTC during the trend has been 30% and 30% is exactly inside the marked area.

Do your own research and if you found something helpful - smash the LIKE button ;)


Stay healthy,
Vaido
Comment: Wick got filled, probably we are heading to the 40k:
My Twitter account: https://twitter.com/VaidoVeek

Comments

That zone is the sweet spot.
Thanks for the great analysis, and for contributing to such a calm and reasonable approach to the crypto market: No one wants the panic settling in at this point...
+4 Reply
VaidoVeek BelowZero
@BelowZero, Hopefully, it is ;)
Reply
So what would a drop below 37k implicate?
Would it still be a correction or a start of a long bear market?
+1 Reply
Thanks for your analysis, always appreciated!
+1 Reply
VaidoVeek Nepenthesfreak
@Nepenthesfreak, thank you for the feedback!
Reply
as always, thanks for your work sir!
+1 Reply
VaidoVeek Killroy1406
@Killroy1406, you are welcome!
Reply
I'm looking exactly at the same zone
Thanks for your hard work and great post
+1 Reply
VaidoVeek OptimoomFX
@OptimoomFX, Perfect!
Reply
Is it smart to sell some btc right now and wait for hitting the buying area, or is the market too uncertain at the moment?
Reply
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