Hello traders! Most are wondering when it is the time to buy the Bitcoin, because most consider BTC to be the “New Money”. Perhaps this can be true that BTC will one day become a “world currency”, and this is why it is such an attractive asset for most long term investors, hedge funds and even banks.
The new era of digital money might be just around the corner, and if it is true, Bitcoin’s price can provide an enormous return on investment in the long run. Having said that, where is the best price to buy the Bitcoin?
Let’s have a look at the 30m chart first. Here we can see price has reached the low at $3780, after which, consolidation has started. Currently, the price remains below the 200 Exponential Moving Average, which does suggest that there is more selling pressure to come.
It seems that the price of interest will be around $4200 area. Specifically, between $4147 and $4235. This is the area between two Fibonacci retracement levels, 76.4%, and 127.2%.
It will be important to see price reaction near $4200 area because if BTC/USD will reject this price, it could provide a buying opportunity of a lifetime.
Potential Resistance Zone: $5525 – 5700
Potential Targets: 4235, 4148
Have a profitable trading!