To no surprise, traders face a recurring question; what is the ideal price to buy Bitcoin in 2019? The king of cryptocurrency is Bitcoin (BTC) due to the sheer number of market capital makes the question all the more important.
According to the latest announcement, the first regulated Bitcoin fund available in the North American exchanges is now going to be released in Canada.
The Canadian-based firm 3iQ has received approval from the Ontario Securities Commission (OSC) to list ‘The Bitcoin Fund’ on the stock of exchange of Canada. This is anticipated to take place at the end of this year.
Although this is good news, however, the price movement of Bitcoin is somewhat confusing. A gradual decrease has been witnessed since the rapid upward movement of the 25th of October 2019.
What is the ideal price to buy Bitcoin?
According to a crypto-trader dubbed “Dave the wave,” the supposed ideal price to buy Bitcoin is at $6700. As per the analysis, the ideal buying price might be below $7000 or above $6000 marks.
Histogram contracting on the daily, MACD rolling over, medium trend still down… but not for long. pic.twitter.com/cuIcsTvHVw
— dave the wave🌊🌓 (@davthewave) November 1, 2019
Besides, the cryptocurrency trader also suggested averaging in, as it would be ideal. But what exactly are the concepts of averaging in an ideal price are, let’s dive a little deeper?
@davthewave employed a pitchfork for the creation of the descending channel and for determining the price movement in the future.
The ideal zone of buying price falls within the premises of the lower space of the channel (blue). As it is in descending, so the ideal buying price will also decrease with time.
While using the Volume profile indicator, the strongest buying area could be located close to $6500. A decline less than this can trigger a spontaneous decrease in the Bitcoin price.
Featured Image by Flickr.com
