Here Is Bitcoins Ideal Buying Price (According to One Analyst) – BeInCrypto

On November 1, it was announced that the first regulated Bitcoin fund that has been available in North American exchanges will also be released in Canada.

3iQ Corp, a Canada based company received confirmation from the Ontario Securities Commission (OSC) in order to list The Bitcoin Fund on Canadas stock exchange. This is expected to be done by the end of 2019.

While the news has been positive, the Bitcoin price movement has been confusing, to say the least. The price has been gradually decreasing since October 25s rapid upward move.

Cryptocurrency trader @davethewave speculated that the ideal buying price for Bitcoin is at $6700. According to our analysis, the ideal buying price may be in the low $7000s or high $6000s.

Additionally, he suggested that averaging in would be ideal but what does that mean? Lets analyze both the ideal price and the concept of averaging in.

@davthewave used a pitchfork to create a descending channel and determine future price movement.

The ideal buy zone falls within the lower portion of the channel (blue). Since it is descending, the ideal buy price is decreasing as time goes by.

When using the Volume profile indicator, we can see that the strongest buy area is found near $6500 coinciding well with the buy zone given by the channel.

A decrease below this level could trigger a rapid Bitcoin price decrease.

Using a logarithmic chart and curved trendlines, we can see that the support line is currently at $6300 and is slowly moving upward. Therefore, we agree that the ideal buying price may be around $6700.

The concept of averaging-in means placing several orders around an average price. One example of the $6700 price would mean buying with 1/3 of the total amount of your order at $6900, 1/3 at $6700 and 1/3 at $6500.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.

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Here Is Bitcoins Ideal Buying Price (According to One Analyst) - BeInCrypto