to buy or not to buy OR when to buy or WHY buy ?
When we take a step back and look at the weekly chart, a lot of things suddenly become much clearer.
First , we see that there was resistance at the 59,940 price level and in 2021, it created a fake breakout to trap even more buyers ONLY to slam on them hard for the next few years.........crashing the price to as low as below 15,000........
Fast foward to today, where are we now ?Well, the good news is it has successfully breaks out of the 59,940 resistance level and attempted to break above the 70k price point several times without much success.
Now, it is hovering between the 59k and 70k price point. So, should you buy now ?
That depends on your objective of buying this asset class. Are you familiar with it or are you merely following the herds blindly? Is it due to social pressure that you are buying so that you belong to your group?
Say you are convinced you are going to buy......maybe you want to wait for it to break above the 70k price point first with some bullish signal. WHY ? Becoz if you buy now , you do not know how long this consolidation between 59k to 70k is going to take. It has been ongoing since Feb this year and after 7 months or so, there is no clear direction.
Another thing to take note is it is currently in a TRIANGLE pattern formation which means the price point can go either way, UP or down and until that pattern is displayed, your guess is as good as mine......
Imo, a better and wiser question to ask is not what price to enter but is there a safer asset class that can yield me a better returns, peace of mind and probably lesser guesswork. Of course, everyone's appetite is different , some like uncertainty more than others, treating it as a form of challenge while others abhor it and prefer stability or margin of safety.
Know thyself......
First , we see that there was resistance at the 59,940 price level and in 2021, it created a fake breakout to trap even more buyers ONLY to slam on them hard for the next few years.........crashing the price to as low as below 15,000........
Fast foward to today, where are we now ?Well, the good news is it has successfully breaks out of the 59,940 resistance level and attempted to break above the 70k price point several times without much success.
Now, it is hovering between the 59k and 70k price point. So, should you buy now ?
That depends on your objective of buying this asset class. Are you familiar with it or are you merely following the herds blindly? Is it due to social pressure that you are buying so that you belong to your group?
Say you are convinced you are going to buy......maybe you want to wait for it to break above the 70k price point first with some bullish signal. WHY ? Becoz if you buy now , you do not know how long this consolidation between 59k to 70k is going to take. It has been ongoing since Feb this year and after 7 months or so, there is no clear direction.
Another thing to take note is it is currently in a TRIANGLE pattern formation which means the price point can go either way, UP or down and until that pattern is displayed, your guess is as good as mine......
Imo, a better and wiser question to ask is not what price to enter but is there a safer asset class that can yield me a better returns, peace of mind and probably lesser guesswork. Of course, everyone's appetite is different , some like uncertainty more than others, treating it as a form of challenge while others abhor it and prefer stability or margin of safety.
Know thyself......
Aviso legal
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