With Bitcoin breaking out of the Wedge toward the negative we have a great opportunity to buy more BTC at a discount, if you remember back a few days ago I told you all I sold a few Bitcoins to look to buy back in when it dips, and here we are.
I do not always make great moves but in this instance I think I made the right move (well I could have sold more Bitcoin a bit higher and could now be buying more Bitcoin cheaper now but at least I was able to get some at a discount. With the Death Cross now in progress Bitcoin price might continue to fall offering an even better discount.
Now while Bitcoin dipping might seem scary, and as I explained before this is a good discount. On the other side of things the RSI index has been the best indicator of Bitcoins movements, when Bitcoin was over bought, it tanked, when Bitcoin was oversold, it Spiked and now it is over sold! While I can not predict the future I believe Bitcoin will rise again and it will go higher than ever. The RSI has never been wrong on Bitcoin and right now it is signaling a run up, last time this happened we got to a little over 12,000 before Mt. Gox Trustee started dumping his Bitcoin.
FYI I do not just talk the stuff, I am heavily, heavily invested in Crypto, like 30% of my annual Salary invested and while it is down like this, I am seeing lots of red, however I am adding while it is red, not panic selling and I will ether be rich when it rises, or be poor if it fails. Thought 5 souls depend of my finances I am still cool, calm and collected, the only reason being, I believe in Block Chain and I do not see a future without it. Bitcoin is the proof of Block Chain and as such will be included in this future. I believe in Bitcoin, SegWit and Lightning Network.
I am not a financial advisor and this is not financial advice, invest at your own risk.
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Nice analysis, and yes I agree that we should see some sort of bounce/breakout since the RSI is way oversold on the 4-hour timeframe. Hoping that the price doesn't break below 5800 though, since that would signal a long-term bear market. Followed you since I just did a TA update on Bitcoin as well!
Following back my young friend, thank you for the follow. I am watching Bitcoin like a hawk and will continue to report on it.
Check this game out, look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game has passed the crypto kitties game on the Dapp Radar. The smart contract is coded to tax 10% of the ETH. when users purchase the (P)roof (O)f (W)eak (H)ands tokens and divides the ETH. tax to people who are already holding and also 10% of when users sell “20% total”. The name of the game is to hold as long as you can while you get earnings from the constantly taxed “Strong hand” buys and the taxed “weak hand” sells. If you don’t want to play anymore, you can pull out all your earnings all at once but with a 10% tax fee that gets divided to the stronger hands. This is what the ERC-20 smart contract is programed to do. Doesn’t hurt to look at the contracts open source code at least, don’t let the opportunity pass you by.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e
cool