Should You Buy Bitcoin?



You've probably heard that bitcoin just spiked 25% this week from a friend, uncle, or that guy on Facebook who is anti-government, anti-police, and anti-everything and you don't really know him in person but for some reason have him as a friend. Should you buy bitcoin? If you are looking for an answer to this question without doing your own due diligence, then probably not.

I've been seeing a lot of hype over the next move bitcoin is about to make. "It's going to $100K!" or "This is a precursor to its next HUGE crash!". The reality is that nobody really knows what's about to happen. You can see that bitcoin has had some pops on its continuing downtrend so this pop could very well just be the same. Although it has been consolidating above $3,000 for about 4 months.

The most important things to look at right now it the strong resistance level at $6,000 that it is approaching and of course the $3,000 level its been holding. If we get enough momentum to break $6K, we may see some more volume come in, some more hype, and upwards momentum. If it gets rejected at $6K, we may fade back down, or even have a hard selloff back towards $3K. From there, we will see if $3K would still hold as its base level or if we'll see Bitcoin keep declining.

Investing in bitcoin it definitely not for the novice investor, so if you didn't understand what I meant in the previous paragraphs, you should probably just stay away from bitcoin altogether. If you are experienced enough to trade bitcoin however, I encourage you to have and stick to a trading plan and not give in to the hype, either long or short, about bitcoin. This is a very volatile instrument, and too many people get caught up in the hype and lose too much money. Trade Safe.

What are your thoughts on Bitcoin?

!!! Bitcoin Is About To... Still too early to tell. by jorgez19 on TradingView.com

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