Currently price is being supported by heavy buy walls, and we on the 200 week moving average, which should be defended. At the very least, the weekly candle should not close below.
It seems like whales want to save Bitcoin , and there is accumulation going on.
Therefore, we join their trade. 3250 should be the best possible price to buy Bitcoin . I am unsure if this is the bottom, but there is definitely accumulation in this area. if you buy at any price currently, you will be buying near the lows, possibly like buying 3.2k before the final drop to 3.1k. It always looks bad before it gets better.
I am certain price will bounce. I would like to see Bitcoin hit 3250 and bounce, but there is a chance we close lower. Either way, there should be a bounce at some point near this current price.
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Do not have a stop loss since you will be averaging your position lower.
Get out if price closes below 3250, not just a wick.
It dumped as I suspected. This idea is still valid however. I was long from 3.2k before it dropped to 3.1k. This could be similar.
I still believe 3250 to be the best place to buy.
This will probably go much higher, but on the smaller timeframe we will probably retrace.
Nobody's making people go long without a SL. It's all up to each person.
Funny how you claim the bottom is below 2900. How do you know we won't bounce before that? :)
The reality is there is absolutely no indication this is The Bottom, the bottom could be $900
I agree that the bottom could be a lot lower than most ppl think.. Maybe even $700
When bitcoin bounces, what are your exit targets (if any) and why?
I'm hesitant to give a target because I don't know where it will be. I'll keep this idea updated.
Hi, I just want you to know I just posted the update on my position.