This Analysis is not just for intraday or scalping operations, but what we are looking for is the best entry point to buy Bitcoin in the medium and long term to Hold without high leverage and low risk.
At this moment we are in a phase of consolidation of the price and a possible correction of the increase of more than 300% that we had during the last months, so based on the technical analysis, as long as there would be a break in the uptrend line which has been formed the last months. There are several reasons to mark the area between $ 8,100 and $ 7,300 as a good purchase area in which you can make several entries at different levels to average a price of about $ 7,700 approx.
In this area, we scored the lowest point at $ 7,700 since it was the last resistance level we had in 2018 and that during May and June of this year worked very well as support level, the other reason that we like this level is because of the coincidence with the most important level of the Fibonacci Retracement 0.618
At this moment we are in a phase of consolidation of the price and a possible correction of the increase of more than 300% that we had during the last months, so based on the technical analysis, as long as there would be a break in the uptrend line which has been formed the last months. There are several reasons to mark the area between $ 8,100 and $ 7,300 as a good purchase area in which you can make several entries at different levels to average a price of about $ 7,700 approx.
In this area, we scored the lowest point at $ 7,700 since it was the last resistance level we had in 2018 and that during May and June of this year worked very well as support level, the other reason that we like this level is because of the coincidence with the most important level of the Fibonacci Retracement 0.618