Bitcoin: Price Analysis, February 2,2018
The views and opinions expressed herein are solely those of the author.
Every investment and trading move is risky; you should do your own research when making a decision.
There are several reasons for the panic that currently grips the cryptographic world – increased regulations, hacking and crackdowns by various governments.
In addition, the final leg of the rally looked terrible as traders gobbled up crypto currencies at crazy levels for fear of missing the rally.
But if the mainstream media highlight negative news, investor sentiment will be affected and some traders will panic and cast off their positions for fear of losing their capital.
Some analysts believe that the bubble in the crypto currencies has burst, while others believe that the current fall is a big long-term buying opportunity.
We see the recent decline as a great buying opportunity. However, not all crypto currencies will increase at the same rate as markets will begin to differentiate between different crypto currencies.
We should therefore be careful to buy stronger currencies that have fallen less sharply and bounce back strongly from their main support levels.
Let’s examine which crypt currencies show signs of a pullback.
Bitcoin is in a firm bear handle. It has fallen from its peak by around 55 percent. With the recent decline, the crypto currency has lost almost 78.6 percent of the last leg of the rally. We find the first signs of a buy at $8000.
If the lows are broken, the downtrend can stretch to $6,000 levels. Therefore, we recommend that long term traders wait a few days before buying.
Note: – The bottoms are not made on a single day. After such a sharp decline, a retreat and a few days of volatile price movements are to be expected. That’s why we have proposed only a few trades and only for the aggressive trader.
Long-term traders should wait for a successful review of lows before buying.
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