Bitcoin Price Prediction: Can BTC/USD Hold Above 30,000 on MicroStrategy Purchase? | Crypto Craft

  • Bitcoin Price Prediction: Can BTC/USD Hold Above 30,000 on MicroStrategy Purchase?

    From investingcube.com

    Can Bitcoin prices (BTC/USD) hold above $30k with the recent purchase by MicroStrategy? As long as the bulls may be hoping this might give them a break. However, the technical indicators on the charts make the Bitcoin price prediction direr than bulls would have hoped. MicroStrategy has just added to its BTC haul with an additional 13,005 units in what looks like a typical dip-buying move. The average buying price was $37,617. However, the resolutions issued by the People’s Bank of China (PBOC) after a stakeholders’ meeting with several banks and payment providers caused a further drop in the crypto market. ... (full story)

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bulltrap
Jun 21, 2021 2:10pm
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Technical analysis even in cryptocurrencies is a bit far fetched. If a pattern of prices exists, with so many investors examining prices, this pattern will be detected. If profitable, exploiting this pattern will eventually affect prices so that this pattern will no longer exist; it will be arbitraged away.

I do think there is something to psychological levels for short term trading though. If you want to exploit this phenomenon I’d suggest studying game theory not technical analysis.
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Hasher
Jun 21, 2021 10:38am
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The question is they are buying the dip, should you?
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bulltrap
Jun 21, 2021 2:25pm
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Quoting Hasher
The question is they are buying the dip, should you?
If you buy before them and sell after they buy then definitely
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