Hello Steemit Community!
Today I'll be talking about Bitcoin (BTC), conducting a basic technical analysis on price action.
What is Bitcoin?
I'm sure people have heard of Bitcoin in some way or another. (: In my opinion, if there's any "best" time to buy Bitcoin, it would be NOW. A price drop from $3,000 to $2,100 is nothing compared to what value it could be in the future once every other country in the world gets involved in cryptocurrency.
Below is my technical analysis on the current price action for Bitcoin (BTC) using the daily time frame using the TradingView website.
As you know, Bitcoin is the most popular cryptocurrency and is the primary currency used to purchase other alternative coins. Since the recent run up in mid June to $3,000/Bitcoin, BTC basically crashed down all the way to almost $2,000 in a matter of 3 days. BTC has basically retraced all the way back to the 78% Fibonacci line, bounced up to $2,750 and back down to $2,250, and looks to be creating higher lows. Current resistance level is at $2,585, support at $2,457, and secondary support at the trend line at $2,320. In order for BTC to have a steady and healthy growth, I hope for it to follow the ascending triangle formation shown above for the next few days and, hopefully, break out through resistance to test all time high of $3,000. Per the MACD indicator, we are still in a bearish trend, hoping for a curve to the upside and begin a slow, methodical bullish trend to reach the secondary resistance point at around $2,700.
Final Fantasy XIV Sightseeing Log!
The location behind me is called "The Astalicia". Here's a video of me trying to find it:
If you found this post interesting, please let me know what you think and/or any suggestions that you may have. I hope we all learn from each other in this Steemit community and always stay positive!
Time to Buy BITCOIN and ETHEREUM. this can help
https://steemit.com/cryptocurrency/@myhealth/time-to-buy-bitcoin-and-ethereum
My gosh. So much to take in. Thanks for sharing.
I am super new to all this and trying to become part sponge to take in all the info and knowledge. Just watched your sightseeing log video, need to watch it again to get my head around it. Astalicia looks great, like the pointy paltforms coming out of the water. I need to work on my computer game/ tech lingo!
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