BTC Bitcoin -Taking support at camarilla S3, time to be a buyer?
Bitcoin is seeing a steep correction. It is a t a critical camarilla R3 pivot support level of 34885. So, if it takes support here then we could see 38322 level. Momentum is not supportive at this time. So evidence of trend reversal is not there yet.
But if this support of 34885 is broken, then 29975 (30k) is the next major support (the previous rebound happened around this level.)
Must note the fall in volumes traded since the first fall. Which means the big volume players are probably sitting out of this hullabaloo?
let me ask these questions and answer them for myself....let me know what you think?
Q1>>Is this the bottom? No one can identify the bottom with certainty, but on the journey to the bottom, looks like we are quite some way there. So we are closer to the bottom than not.
Q2>>So what should we do?Assumption is that you got off this crash when the charts signalled a breakdown-and are now willing to reinvest in the crypto asset class.
I want to start accumulating right away, by buying on major dips from here. If I allocate 5% capital on every 5% dip, then I would have invested 50% of the capital by the time bitcoin touches 20000 level. Rest I could invest similarly on the way up. of course, there could be minor pullbacks along the drop before there is a clear trend reversal.
Q3>>Why start investing now? Because bitcoin has touched 100EMA on the weekly charts, so the current price is below the last 100 weeks average. Good enough bargain to start buying I think.
What do you think?
But if this support of 34885 is broken, then 29975 (30k) is the next major support (the previous rebound happened around this level.)
Must note the fall in volumes traded since the first fall. Which means the big volume players are probably sitting out of this hullabaloo?
let me ask these questions and answer them for myself....let me know what you think?
Q1>>Is this the bottom? No one can identify the bottom with certainty, but on the journey to the bottom, looks like we are quite some way there. So we are closer to the bottom than not.
Q2>>So what should we do?Assumption is that you got off this crash when the charts signalled a breakdown-and are now willing to reinvest in the crypto asset class.
I want to start accumulating right away, by buying on major dips from here. If I allocate 5% capital on every 5% dip, then I would have invested 50% of the capital by the time bitcoin touches 20000 level. Rest I could invest similarly on the way up. of course, there could be minor pullbacks along the drop before there is a clear trend reversal.
Q3>>Why start investing now? Because bitcoin has touched 100EMA on the weekly charts, so the current price is below the last 100 weeks average. Good enough bargain to start buying I think.
What do you think?