Bitcoin has been somewhat volatile lately but still within the $18,500 and $22,000 range. Bitcoin never goes above or below those prices just listed. But Bitcoin’s price does move drastically within that range. Bitcoin seems to move down quickly to the lower value, and buyers purchase Bitcoin, causing the price to rise fast. To some investors and analysts, this points to a Bitcoin bottom as every time it gets closer to the lower end value ($18,500 roughly), Bitcoin is purchased in large sums. To other investors, they feel the bottom is not in yet, and we will see Bitcoin make a lower low soon. As there is no way of knowing exactly where the bottom of Bitcoin will be, there are technical analyst concepts that can help judge if we are close or not.
Here we can see a technical analyst post on Twitter from an analyst known as Crypto Rover:
Rover is pointing out a technical analyst tool, the 1000 Daily Moving Average line. This is the red line you see in the above chart. As you can see, every time the Bitcoin price dropped below that line, it was a fantastic time to buy Bitcoin and crypto. Of course, this does not mean the absolute Bitcoin bottom has yet happened, but this shows we might be very close.
My thoughts on this topic are that we are very close to the bottom of Bitcoin and this bear market. However, I feel we could see some more downside. Bitcoin’s current price is $19,000 at the writing of this article, and if no large purchasers are stepping in soon, we could see Bitcoin hit the $15,000 mark. I state this because Bitcoin is still under major daily and weekly trendlines that seem to keep the price down. Once we have broken through to the upside of these trendlines, we will see the start of the next bull run. You can read about trendlines and how to use them in your trading regimen on www.ncgcoin.io and go to their Blogs tab. In the Blogs tab, you will find the trendlines article and many other free educational articles that New Century Gold offers!
A fantastic opportunity for you is with New Century Gold. If you are tired of Bitcoin and crypto volatility, New Century Gold can help you with that. New Century Gold focuses on making passive income from Bitcoin mining. Bitcoin mining through New Century Gold would give you a monthly income from passive income. This takes the stress out of investing and losing so much money during a bear market. Again, New Century Gold’s site is www.ncgcoin.io, and you can scroll through the site to see if they can help you in any way. New Century Gold even has a free weekly newsletter that you can subscribe to at the bottom of their homepage! Yes, you read that correct, FREE weekly newsletter for all things Bitcoin and crypto. All you must do is subscribe. None of this should be used as financial advice; any investments purchased are at your discretion.
Lastly, don’t forget to give me a follow-on Twitter (@MattSenn5) for daily fundamental and technical analysis concepts, all generally crypto-related. I have been in the crypto scene for almost eight-plus years, and I will likely be for the rest of my life! But I am here to stay, so let’s chat and create your new digital financial future!
Written by: Matt Senn