I recently wrote about the most recent cycles of the Bitcoin and gave some soft numbers that mark the support and resist spots. That article is called (2 Scary things I've Discovered about Bitcoin)[https://steemit.com/bitcoin/@tylr/2-scary-things-i-ve-discovered-about-bitcoin]. Here’s the guidance for the future that this study might offer.
Falls in July and September were both in the high thirties percentage from all time high and could be happening on a 2.5 month interval. But unless Bitcoin breaks through the new resistance level of $600ish, a fall to the previous resistance would only constitute an 18% pullback (only half of what the Bitcoin seems to prefer).
A fall to previous resistance might leave us with $4900 as the lowest price the future will ever hold. But breaking through that support might mean a fall to $3900 or slightly lower, proportionate to this years previous pullbacks.
If you’re trying to decide on whether to wait for a pull back or go ahead and buy now, here is what I have to offer. But waiting for an entry point on the Bitcoin is often a bad choice. It goes up. In the long run, probably, it’s going way up. So even if you buy on a peak, it's still a good buy. And if you wait aimlessly, you’re likely just missing out on easy growth.
But a pullback in December would not be completely surprising. So is it better to wait or get in? I'm not expert; please let me know what you think.
For my explorations on how high it could go (not a prediction of how high it will), check out my continuing series Valuating the Bitcoin.
I’m Tyler (steemit.com/@tylr). I’m a husband and a father (of 7) working full time as a firefighter paramedic and I’m a part time graphic designer, web designer, pig farmer, crypto speculator, and writer. I love Jesus (if not religion), liberty (to a fault), education (if not the education system), big families (esp. mine), good food (and coffee), fascinating discussions (productive or not), and adventure (in strange forms). I’m writing this blog because I feel that I have a great deal of interesting things to talk about. I’ve waited longer than I should have because I’ve been concerned writing about so many topics would not work (we will see whether or not I was wrong). All of what I post is carefully created original content. If any of these topics are interesting to you, please follow my blog and feel free to make requests. Thanks for reading.
