Bitcoin (BTC): Buying the Dip

To us, this recent decline to 8450 could be an excellent buying opportunity for traders to get involved in Bitcoin (BTC). Looking at Bitcoin (BTC) on BitMEX, XBTUSD has returned to a previous high from mid-October.

This makes the support at 8450 strong. We also see the potential momentum divergence, which could help Bitcoin (BTC) rally a lot if prices do stabilize.

Bottom Line: Buying the dip is tough. It's rewarding if you are right. If we are wrong about buying the dip, the next support below the market is 8115.