BTC To Retest $2900 Levels before Full Recovery

2017년 9월 20일

BTCUSD



After the series of FUD and Chinese government decisions to ban Chinese ICO's & crypto exchanges, its obvious to everyone by now that BTC has been taking hits and found support at $2900 with quite a bit of resistance at $4010 levels. If you bought into BTC when the price was $4400+, don't abandon your unhatched profits just yet.

With the recent breakout above the 50 day Moving Average, some traders immediately became bullish once the price hit $4010 while others chose the bearish route and got out while they still could. Granted, the ones who made the decision to pull out early may have saved their skin in the short term but obviously a good number of us are playing the long game.

BTC over a long period of time has been experiencing an uptrend with more businesses and individuals adopting the new "digital money" as some of them call it. The more likely scenario of how things would play out would be for the price to retest lower levels, regain stability and eventually rise to new highs. This could be in a few weeks or months depending on a number of factors and new regulations governing crypto-currencies across the globe.

The current investment strategy for me would be to stay neutral and watch as things change. With an alert set for -$3500 I do expect the price to take a downturn and when that happens I hope to enter a few new long positions.

Please note that my views are not to be considered trading advice or knowledge. My thoughts on this matter are exactly that, thoughts. I will not be held liable for losses on your part after your decision to follow what I have mentioned here. That being said, Thank you for reading my perspective. Leave your thoughts below.

This is also my first prediction so your thoughts on how I should structure my ideas would be taken into advisement.