What’s Next for Bitcoin? Be Patient and Keep it Simple

Simple strategies often beat complex ones, that’s especially true when it comes to trading.

After the recent cryptocurrency crash, many traders are in hurry to buy the dip, however, nobody is certain what’s going to happen next. Even if the bottom is in, we have no idea how long it can take before prices start to push higher again. After the crypto carnage we had in May, it took a few months of sideways trading. To avoid any kind of trap here’s a very simple chart that should help you to decide when it’s best to buy back your Bitcoin and other cryptocurrencies.

A trendline on September’s height and a descending trendline split the chart into two parts. Everything below the lines is bear territory. As long as the price is in it, buying is catching a falling knife. If/when the price of Bitcoin manages to break above the horizontal resistance (around 53k) and above the trendline, that would be a buy signal. Of course, we should wait for the daily candlestick to close in the bull territory, to have a confirmation.

If the BTC price continues down, it would drag altcoins with it. Buying leading altcoins could be a good idea if they hit a very oversold territory.