Bitcoin approaching best risk/reward buying zone
Updated
Bitcoin has been retracing ever since the 2019 high of around 14k in June. Looking back at the 2018 bottom, the RSI reached oversold region while the Bollinger bands became very compressed. In addition, the asset price was under the 50 & 100 MA while it kept the 200 MA as support. Shortly after both the RSI and BBands became more positive (expansion in the case of BBands) and lead to price rise.
This is the right time to accumulate as similar conditions are occurring. One last major dump might be pending however buying within the yellow dotted lines have always given great returns in the long term.
The hash rate has also been steady even after the large corrections showing that the miners are still pretty active
bitinfocharts.com/comparison/hashrate-btc-sma7.html
Long term outlook is long.
Note: This is not financial advise. Please do your own research.
This is the right time to accumulate as similar conditions are occurring. One last major dump might be pending however buying within the yellow dotted lines have always given great returns in the long term.
The hash rate has also been steady even after the large corrections showing that the miners are still pretty active
bitinfocharts.com/comparison/hashrate-btc-sma7.html
Long term outlook is long.
Note: This is not financial advise. Please do your own research.
Note
This is a previous analysis from a few months back. Price following a similar trajectory
Note
Price could follow zig zag correction as well
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