Buying BTC below the 2 year MA has always paid off. I think its a good time to begin nibbling instead of trying to time the exact bottom. I expect downward wicks to be around 25k based on the following:
1. General decline in volatility over time. expecting a 30% drawdown from the 2 y MA which is about 36k now. Puts the floor at about 25k.
2. Price barely touched and didnt break the upper bound. Hence dont expect a significant break on the lower bound.
2. RSI is at a place where we generally start seeing a macro reversal / bottom. This one is tricky though. We may sweep the floor on RSI for a long time and still trend lower. But still.....not something to ignore.
Have we bottomed out? probably......still more downside possible? yes.....
but I am comfortable nibbling here for the long term.
1. General decline in volatility over time. expecting a 30% drawdown from the 2 y MA which is about 36k now. Puts the floor at about 25k.
2. Price barely touched and didnt break the upper bound. Hence dont expect a significant break on the lower bound.
2. RSI is at a place where we generally start seeing a macro reversal / bottom. This one is tricky though. We may sweep the floor on RSI for a long time and still trend lower. But still.....not something to ignore.
Have we bottomed out? probably......still more downside possible? yes.....
but I am comfortable nibbling here for the long term.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.