BITCOIN: Is This The time to buy the dip?
Updated
Over the past month, the price of Bitcoin has gone haywire. Since surpassing its previous all-time high in early December, the cryptocurrency kept up the momentum and increased another roughly 100% before finally selling off this past Monday.
This massive fall by Bitcoin may have been a shock to some investors. After all, if you only started investing in or watching Bitcoin’s price closely in the last few months, the coin has only gone up.
This recent crash in price is a reminder to investors of just how volatile and risky Bitcoin can be. With any asset that can grow in price considerably and quite rapidly, it can lose those gains just as quickly, if not quicker.
The recovery
Digital currency markets saw some deep losses this past Monday, as the trading sessions on January 10 and into Monday saw crypto assets lose anywhere between 25% to 40% in value. For instance, the price of bitcoin (BTC) slid from a value of $41,056 per unit to $30,261 per BTC shedding over 25% in fiat value.
Today, however, the crypto asset’s value has improved a great deal jumping over 6% during the last 24 hours. BTC has done considerably well over the long run as the crypto asset is still up 3.1% over the week, 82% for the month, 206% for the 90-day span, and 332% against the USD for the year. At the time of publication, BTC is trading hands for prices between $34,600 to a touch over $35,000 on Tuesday afternoon.
Despite bitcoin’s 20% crash on Monday, some options traders are betting on a continued price rally in coming weeks. Some traders, though, have been buying Jan. 29 expiry call options at the $52,000, $64,000 and $72,000 strike prices on the Deribit exchange.
From the chart analysis is this the time to buy the dip? Leave your answers in the comment section. Thank you for your support.
This massive fall by Bitcoin may have been a shock to some investors. After all, if you only started investing in or watching Bitcoin’s price closely in the last few months, the coin has only gone up.
This recent crash in price is a reminder to investors of just how volatile and risky Bitcoin can be. With any asset that can grow in price considerably and quite rapidly, it can lose those gains just as quickly, if not quicker.
The recovery
Digital currency markets saw some deep losses this past Monday, as the trading sessions on January 10 and into Monday saw crypto assets lose anywhere between 25% to 40% in value. For instance, the price of bitcoin (BTC) slid from a value of $41,056 per unit to $30,261 per BTC shedding over 25% in fiat value.
Today, however, the crypto asset’s value has improved a great deal jumping over 6% during the last 24 hours. BTC has done considerably well over the long run as the crypto asset is still up 3.1% over the week, 82% for the month, 206% for the 90-day span, and 332% against the USD for the year. At the time of publication, BTC is trading hands for prices between $34,600 to a touch over $35,000 on Tuesday afternoon.
Despite bitcoin’s 20% crash on Monday, some options traders are betting on a continued price rally in coming weeks. Some traders, though, have been buying Jan. 29 expiry call options at the $52,000, $64,000 and $72,000 strike prices on the Deribit exchange.
From the chart analysis is this the time to buy the dip? Leave your answers in the comment section. Thank you for your support.
Note
You need to see this short term analysis 
Note
Why Bitcoin and other Cryptocurrencies are going down.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.