Bitcoin Forum

BTC has been hovering around $10,000 today, is it the right time to buy BTC in? If not, which level should be safer to do so?

I'd like to share an original analysis from a Chinese analyst Kuang Ren about BTC today, please feel free to leave your comments below, thanks.

BTC:
Do not go against the overall trend. The breaking point for selling emerged as price broke the lower end of the range as marked with expanding volumes. The time window to dump your chips will be opened every time price bounces back to the lower end. Currently, BTC is still at a relatively high level, making it difficult to predict how deep BTC will go. Opening new positions after the high point during next wave of rally will never be too late.
The only thing you should keep in mind for now is that price will find support at $10,000 and $7,500, and market will do the rest for you. I believe a short-term rally is possible after the sharp slump yesterday, which, however, only holds a limited space to climb. Only when your positions are cleared at a lower price or your chips are turned over after moving sideways for a long time will main funds set you free, that’s how capital market or zero-sum market works.

Original by Kuang Ren, translated and posted by AICoin Jami.

I've repurchased bitcoin at $10,000, because the price of bitcoin is really low compared to the bitcoin price in December.

Will BTC continue going down in price? Sorry to say that, but it's possible since $10,000 is still relatively high.

I think there will be a test of support at the level of 7000-8000.

True, I have to agree, I can see no reason the 10k USD should be considered the bottom for BTC. Maybe it is a kind of psychological barrier, but when broken, the fall shall continue and it is anybody's guess where it will stop. Please note, that a few years ago bitcoin dropped from 1000USD to 200 and stayed there for half a year. With today prices, when repeated, it would indicate falling down to 2k

There's a very big chance that Bitcoin's bottom is at $10,000 levels. Worst case scenario, I highly doubt that it will break below $8,000 due to the sheer number of bidders at the $9k price.

May be. may be not. but whatever happens it will be safe to only buy when the price begins too climb. That way, when you buy above the bottom, you are sure that the chances of the prices going up is secured.

It is hard to tell. 10k is some kind of margin, but maybe it will be lower.I guess we need to wait and see.
If you plan to buy, maybe buy some of it at 10k and something if the price goes more down. If not you will buy all at 10k.

I think $10.000 is the bottom, graph confirms this but it will decrease below $10K for sure to around $9500 but it will recover fast. I think from $10K it will rise till $20K again.

He could be right with how he predict it. But who knows.

For all those who have sold it at 19k dollars, there is already a lot of difference if they buy now even if it goes down for another thousand dollars.

For new buyers it will be a risk. But at this moment it is slowing down and there could be people who are now deciding to buy which will take it back fast to upper value.

I think the price will be below $ 10,000 and only $ 8500 will go up, news from China, South Korea and other countries where they want to limit the crypto-currencies will continue to put pressure on bitcoin for a long time.

I don’t think it will go way down than this, we should give some more time for the bitcoin to go up. This is just the repeatable process from the last year and many says that it’s always there at the start of new year. Plus there is no such thing where you should go for selling your bitcoin if the bitcoin price has dropped because we always experienced such dip and then up side of the bitcoin. Better stick to it for further updates and then make any big moves. Most of the community will be buying at this point because they are here sine long time and knows very well this is usual way of bitcoin.

$10,000 was a very good buy level, but it still has a chance to touch it or slightly go lower to complete the bullish pattern that I'm beginning to see.

Might go a little lower, but strong support at 10k imo.

If not, might fall to 7 or 8k  :-\