I find the 200-day MA (purple line) one of the best indicators when it comes to BTC. Right now the 200-day MA is $7k and I consider good buys between 1-1.5x this number ($7k-$10.5k) and good times to dollar-cost average in are below 2x the 200-day MA. If it is higher than the 200-day MA I expect a dip or a correction in the near future.
There are strong support lines around $8k and $6k (thick green lines) and a weaker support line around $10k, only 3 days at this level. The $10k level may provide a strong psychological support line for a lot of people who feel they won't be able to buy bitcoin at less that.
Stochastics have entered into the oversold zone and the price is touching the bottom of the Bollinger band, both signals that the price will bounce.
Bearish signs in the current descending triangle(s) suggest it could break below the $10k line. I personally think that it won't drop below the $8k support level but I will be keeping some fiat back just incase.
As for entry points, I will be buying more BTC just above the $10k level and then again around the $8k and the rest I want to invest at $7k, I think $6k is very unlikely because the 200-day MA is at $7k.
Please post comments, thoughts, other possibilities, anything I've missed or ways I could be wrong. Constructive criticism is always appreciated :-)
There are strong support lines around $8k and $6k (thick green lines) and a weaker support line around $10k, only 3 days at this level. The $10k level may provide a strong psychological support line for a lot of people who feel they won't be able to buy bitcoin at less that.
Stochastics have entered into the oversold zone and the price is touching the bottom of the Bollinger band, both signals that the price will bounce.
Bearish signs in the current descending triangle(s) suggest it could break below the $10k line. I personally think that it won't drop below the $8k support level but I will be keeping some fiat back just incase.
As for entry points, I will be buying more BTC just above the $10k level and then again around the $8k and the rest I want to invest at $7k, I think $6k is very unlikely because the 200-day MA is at $7k.
Please post comments, thoughts, other possibilities, anything I've missed or ways I could be wrong. Constructive criticism is always appreciated :-)