As you can see, BTC gets close to $9.5K this afternoon, basically, price is forming lower lows, indicating a bearish picture. In another wrod, it's getting close to 8K, the target price. Share your commnets here about whether BTC will get to 8K in the next few days.
Another original price analysis from Chinese analyst Kuang Ren, feel free to leave your comments:
BTC is still struggling to hold the support at $9,800, whether price can reclaim the inflection point at MA 120 or not depends on the price move in the next few days. Only when price breaks above MA 120 with expanding volumes on daily chart can you add to your positions. Until then, a light position or empty position is recommended.
The bidding orders we saw with expanding volumes around 1 am on 30-minute chart seem insufficient compared with the data on daily chart, indicating that someone is setting up positions. Currently, the best scenario for BTC is to continue oscillating above $10,000 as we’ve seen less and less bidding orders trying to buy at the bottom.
In another word, if BTC dips further, chances are high that lots of chips will be dumped out of panic. Besides, investors will lower their expectations for the bottom price and few of them will dare to buy any chips at that time, which makes it a better way to force the panic chips out if main funds want to complete the process of accumulating chips at bottom price. However, whether price will go as expected or not depends on the market.
The market is up to no one for now, before we see any bullish signs, you can set up a plan to accumulate chips step by step, for example, when price dips below $10,000, you can use 20% of your money to set up positions, if price dips further, you can use the same strategy.
Original by Kuang Ren, translated by AICoin Jami.
Full-version analysis here: https://www.aicoin.net.cn/article/12470.html
Topic: Another slump, do you buy BTC at the bottom this time? - page 2. (Read 333 times)
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