The crypto market is going through a rough weekend. Bitcoin (BTC) fell today from $11,400 to $10,400. This should not come as a surprise because we wrote last week that Bitcoin Would Go Through A Healthy Correction and the possibility of a continued rise was very low. This obviously is a short to medium term market call, it is unrelated to our Bitcoin forecast which is long term oriented. With awesome fundamentals as per our cryptocurrency predictions we see the ongoing sell-off as short term as well as a BUY opportunity. In other words no need to panic, only a need to prepare a trade because this might be the last opportunity to get in before the crypto market takes off.
We know that crypto investors tend to panic every time there is a sell off.
The typical question is ‘why is crypto selling off’ which unfortunately is a question that does not make sense at all. As if anyone is asking ‘why is crypto rising’ on days they go up double digits.
The point is this: the crypto market is ultra volatile so heavy sell offs are part of the game. It’s part of the DNA of the crypto market.
Moreover, and more importantly, all that matters is the long term trend. We call it the ‘secular trend’. As seen on this up-to-date long term Bitcoin chart on this crypto & blockchain page (scroll down a bit on the page) the secular trend in Bitcoin looks gorgeous. Hence, the long term trend for the crypto market is gorgeous!
In sum, we do not care about fundamentals because they are great. We do not care about the dominant trend because it looks promising.
If we would care about something it would be the question how to leverage this BUY opportunity. The answer to this question is pretty simple, and the daily Bitcoin chart provides the answer.
As seen below, and as said many times this year (here, here and here) we see a trading range for Bitcoin in the $6k to $11.7k area. An attempt to fall to the lower part of this area should be seen as a BUY opportunity.
We would like to warn followers to not look at this as a lasting opportunity, for two reasons:
- The sell off below $8.5k may be temporary in nature, as in just lasting 2 or 3 days. This would not allow for sufficient time to react as most investors tend to think ‘let’s wait a bit before deciding’.
- This may be the very last time that Bitcoin may fall that low. Likely, this one sell off may result in a sustained rise going forward.
For both reasons we believe investors that missed the major March/April 2019 breakout even though we flashed this Cryptocurrency Alert: The Crypto Winter Has Ended on February 25th 2019 may be looking at the last really attractive opportunity to get in.
For Bitcoin specifically we have a very specific price range which we believe is the most optimal entry level. We don’t expect Bitcoin to reach $6,010 in all fairness, that’s too low. The optimal entry levels are published in our premium crypto investing section. Several top altcoins are close to their optimal entry level.
Ed. note: For our premium crypto members we identified entry points in this weekend’s crypto alert. They are accessible for any new subscriber. Interested to know our top 10 cryptocurrencies as well as the attractive price levels for entering a trade? Sign up here and get instant access >>