Bitcoin – Accumulation Time

Bitcoin – Accumulation Time

Bitcoin / Dollar BITFINEX:BTCUSD


This was an exciting few weeks, we saw some beautiful BTC movement that a lot of you have been waiting for. Unfortunately, great things don’t last forever. I personally see some healthy correction coming within the next few days which honestly is a good thing if we want to see some more long term growth. I’m getting my pockets ready to accumulate some Bitcoin within the next few days.

Bitcoin a few days ago broken ( bearish ) out of a rising wedge and is now showing some weakness. Taking a look at the MACD we can see that we are about to have a bearish crossover (4h) and the RSI is heading towards oversold. That being said, Bitcoin looks bearish over the next week or so, but I do believe it will bounce back and attempt to reach new heights possibly around $5,600ish. Bitcoin has constantly been testing around the $4,950-5,000 level and it has been holding for a few days. If this breaks, I can see our next stop falling around $4,600.

Right now I’m aiming for accumulating around the 0.382 Fibonacci level around $4,618.50. Personally, I will attempt to accumulate some Bitcoin and even open a small long at $4,625. Hopefully, we will see some nice plays to make with Bitcoin over the next couple of days.