I've been patiently waiting for BTC's price to reach this area for awhile now, this is the first prime buying opportunity since the bounce from 3k in mid-September. As you can see on the chart the best low-risk buying opportunities in 2017 have come from the bottom of that cyan ascending trend-channel, and price has once again reached that zone almost five months later and this time with a lot of confluence.
Bottom of the 2017 ascending channel (cyan)
Bottom of the recent bearish price channel (red)
Support from the 200 day simple moving average
This is also the 61% retracement level on the yearly swing high to low
I do not recommend jumping in all at once. Although price is entering a prime buying zone, there are no guarantees in the market, there are only probabilities. The best course of action in my opinion is to dollar cost average to build up a position. Split your capital up and average your way in from now to possibly 7.5-7k
Been waiting for 8k since we broke major support a couple weeks ago:
Same chart on the weekly view:
Bottom of the 2017 ascending channel (cyan)
Bottom of the recent bearish price channel (red)
Support from the 200 day simple moving average
This is also the 61% retracement level on the yearly swing high to low
I do not recommend jumping in all at once. Although price is entering a prime buying zone, there are no guarantees in the market, there are only probabilities. The best course of action in my opinion is to dollar cost average to build up a position. Split your capital up and average your way in from now to possibly 7.5-7k
Been waiting for 8k since we broke major support a couple weeks ago:
Same chart on the weekly view:
