Is it time to buy the dip? Let's see.
Overall
The price is now reaching the support range at $6000~6050, which previously took more than 5 attempts (Daily chart) to break through, now we're going to retest this support once again and see if it able to hold. For long-term investing perspective, this would be one of my buying levels, given if the price could hold after several tests and a sign of reversal with bullish volume confirmation. If this level doesn't hold, we might have a further dip down to $5500, the Fibonacci 0.786 inline should hint a better support. There are always possibilities for it to fall way below the suggested supports.
What's a good time to buy?
My buying-the-dip range would be from $6050 to $5500, and I'll be scaling in instead of buying all at once, multiple retests of supports and bullish volume it's that shows reversal signals is a good way to confirm a purchase. However, it still depends on how aggressive or conservative you are. If you're aggressive, like me, you can buy when there are little reversal signals, but with a tight stop-loss. If you're conservative, you will want to wait for a strong reversal signals like higher lows and higher highs. Remember to follow your principle that's tuned to your risk-tolerance level, and be consistent. Greater rewards come with greater risks, there's no free lunch.
Discuss with me!
Subscribe my blog here for more in-depth analysis: josephyap.me/bitcoin-time-buy-dip-lets-see/
Join my Telegram discussion group: t.me/BitcoinTradersDiscussion
The price is now reaching the support range at $6000~6050, which previously took more than 5 attempts (Daily chart) to break through, now we're going to retest this support once again and see if it able to hold. For long-term investing perspective, this would be one of my buying levels, given if the price could hold after several tests and a sign of reversal with bullish volume confirmation. If this level doesn't hold, we might have a further dip down to $5500, the Fibonacci 0.786 inline should hint a better support. There are always possibilities for it to fall way below the suggested supports.
What's a good time to buy?
My buying-the-dip range would be from $6050 to $5500, and I'll be scaling in instead of buying all at once, multiple retests of supports and bullish volume it's that shows reversal signals is a good way to confirm a purchase. However, it still depends on how aggressive or conservative you are. If you're aggressive, like me, you can buy when there are little reversal signals, but with a tight stop-loss. If you're conservative, you will want to wait for a strong reversal signals like higher lows and higher highs. Remember to follow your principle that's tuned to your risk-tolerance level, and be consistent. Greater rewards come with greater risks, there's no free lunch.
Discuss with me!
Subscribe my blog here for more in-depth analysis: josephyap.me/bitcoin-time-buy-dip-lets-see/
Join my Telegram discussion group: t.me/BitcoinTradersDiscussion
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.