Everyone who has been investing into Bitcoins (BTC) are happy when it reaches $50,000 mark on Monday 23 Aug 2021. But if you are someone who reads the chart, you will notice $50,00 is resistance price/range. So it is not surprise to see the price struggles.
If you read the BTC/USD chart D1 on 26 aug 2021 and you are using moving averages in your analysis, you will notice there are 2 moving averages (MA200 - purple, MA20 - red/pink) near & supporting the candles. This means Bitcoins is likely to be supported to move into uptrend in long term. The next question you might ask, okay if that is the case, should I buy in right now? Unfortunately no because you should always have investment/trading strategy in place - how you should buy/sell or exit.
Using the current example, if you think of buying BTC. In layman term, you can think this way - if BTC reaches XXX price, then I will buy in. If not I will just let it go.
If you are technical analyst, support and resistance & candle chart can be your good friends. And of course, you can use other indicators to help you in your decision making.
BTC/USD chart D1 on 26 aug 2021
On my personal opinion, if I would like to buy some BTC right now, I will look at current candle when it closes and around $46,000 and $44,000 area. So what about you? Feel free to share your view with me~ :)
** Disclaimer: This is not intended to be investment advice. Seek a duly licensed professional for investment advice **
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