Bitcoin’s price volatility has resulted in the community speculating the rise of the world’s largest cryptocurrency to its ATH. The current price hold at $9000 looks to be flaky after many members of the cryptocurrency community have assumed that the price may fall again.
Davethewave, a famous cryptocurrency analyst, had recently tweeted:
“Is the IDEAL buying price of 6.7K still a real possibility?
Yes, but in practical terms I think you’d be buy in tranches/ average in once price hits the ‘buy zone’.
Sailing close to the wind now….”
Many have speculated over the past couple of months that the best time to buy Bitcoin was during the dips, and some had asserted that the best moment for a buy-out was when the value falls below the $8000 mark. At the press time, Bitcoin is exchanging hands for $9165, with its market cap standing at $165.19 billion. After a green spectrum in the hourly, daily, and weekly chart, the cryptocurrency also had a 24-hour market volume of 26.42 billion.
Looking at trading patterns, technically, it is evident that the Bollinger bands were in the midst of a breakout after the price shot from the earlier $7000 range to its current $9000 hold. The RSI (Relative Strength Index) stands close to the ‘overbought zone’ after a rise in the buying pressure compared to the selling one.
Davethewave also tweeted:
“I’m not looking to buy. I’ve been long since the 3K range [started averaging in at 6K before the dip].
This is disinterested TA.
For those who don’t have a position in BTC, I’ve advocated averaging in… anything but FOMO.”
The analyst also predicted that the local Bitcoin bottom would be in the last quarter of 2019, with the reason being the current medium fall will not last long. According to him, “The 6.7 figure reflects 50% correction of the parabola… along the lines of the previous one…”
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.