Buy Lows On BTC; Strong Resistance Appears Against BTC Decline
Overall, BTC still remains in price fluctuations. There are no new lows appear, so anticipations for price variety do not expand. Buying in low positions is quite necessary.
Buying with lower prices will have more competitive edges when BTC price goes down. In fact, between $7,500 and $9,000, the battle does not end. According to the daily BTC candlestick chart below, between the 4/1 Gann Fan and the 3/1 Gann Fan, BTC is in the lower limit, which means that if price fluctuations last, price fluctuations will spread in both directions. Even BTC may go down near the 4/1 Gann Fan, the corresponding rebound will appear.
Currently, the rebound will not decrease below $7,500; however, the short-term rebound can be above the $8,900 level, corresponding to the 3/1 Gann Fan. In pace with price adjustments, under the condition of BTC’s not going down below both limits, BTC has high possibilities to be near the 3/1 Gann Fan, $9,000. The range between the 3/1 Gann Fan and the 4/1 Gann Fan goes upwards, so investors have no needs to worry.
Observing the turnover distribution since Dec 15, 2018, CoinNess analysts find that the turnover becomes larger between $8,000 and $1,0000, which means that this range is the most important distribution except for over the $1,0000 level one. Investors’ cost will be near the $8,000 level, so there will be a strong resistance against the price decline.