BTCUSD is in a recovery mode. It crossed the $9,800 mark today. And with this, investors would be breathing a sigh of relief. After the recent crash, people seem to be more cautious.
History has shown us time and again that people fall to their greed easily. Bitcoin investors would likely jump right in if they feel BTCUSD is going past $10,000. And a crash would likely follow once the whales dump.
FOMO investors face the blunt when BTCUSD crashes
One of the most important things about investing is not running behind the timing. The ones who chase the price and the returns end up catching the short end of the stick. Almost always!
For example, if you decide that you will invest in BTCUSD only when it crosses $10,000, you might end up catching the crash.
BTCUSD technical indicator: The Bullish and the Bearish
BTCUSD is a crucial scenario. The technical charts show the possibility of a Bullish breakout as well as a Bearish breakout.
Let us take a look at the Bullish indicator first:
The daily timeframe shows the BTCUSD forming an ascending triangle, which is a reliable Bullish pattern. The breakout from the ascending triangle takes place in the direction in which the security was moving before it entered the formation. The Blue line shows that BTCUSD was moving up before it began the pattern.
BTCUSD is currently just below the $10,000 level. The region from $10k to $10,500 proved to be a harsh terrain. Bitcoin got rejected multiple times from that zone. On top of that, it now stands as a psychological barrier for Bitcoin.
Technical Analysis is never a perfect analogy in any market. Whatsoever be the immediate term for BTCUSD, it is best to stop trying to time a market. Careful long term investing in Bitcoin is likely to be a hugely profitable investment option.