• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Price At $9,400 is a “Good Buying Opportunity”: Here’s Why

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 2min read
Bitcoin Price At $9,400 is a “Good Buying Opportunity”: Here’s Why
Advertisement

Bitcoin (BTC) has been absolutely hammered over the past two days. In fact, some 36 hours ago, it was trading at $10,200; now, the cryptocurrency is sitting snug at $9,500.

Related Reading: Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money

This dramatic sell-off, which comes after the cryptocurrency traded in the low-$10,000s for a good two weeks, has inflicted investors across the board with a newfound sense of fear.

Analyst Dave the Wave, who has been calling for BTC to fall to $6,000 for weeks, doubled down on his prediction in the wake of the crash. He pointed out that Bitcoin is currently in a descending triangle that has a breakdown target of $6,200. Youch.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Assuming you still have dry powder left, and assuming it goes this low, will you be ready to pull the trigger? pic.twitter.com/eCANwD4XZt

— dave the wave (@davthewave) August 29, 2019

However, there are some remaining optimistic. In fact, one prominent analyst, famous for his on-chain analysis, is arguing that now may be an optimal time to accumulate BTC, not sell it.

Buy Bitcoin Now?

In a recent tweet, Willy Woo, a partner at Adaptive Capital, argued that Bitcoin is currently not as bearish as some may expect, pointing out that it has just rebounded off its 128-day moving average.

While he did admit that the cryptocurrency has been “overheated” over the past few weeks, he notes that its part of BTC’s “historical personality” for it to touch the aforementioned moving average “many times during a bull market to stay grounded”.

Related Reading: Crypto Analyst: Bitcoin Market Cap Due to Surpass $1 Trillion this Cycle, $8 Trillion Next

Woo adds that flirts with the 128-day “present good buying opportunities”, accentuating that now may be a good time to accumulate Bitcoin before its next leg higher.

Kissing the 128d MA is a very good sign. It was overheated till this. People familiar with BTC’s historic personality know that the 128d line needs to be touched many times during a bull market to stay grounded. They present good buying opportunities. pic.twitter.com/1QBo3QjtgD

— Willy Woo (@woonomic) August 29, 2019

Woo isn’t wrong. Just look at NewsBTC’s chart below, which shows that in 2017, the Bitcoin price bounced cleanly off its 128-day moving average at least four times. Not once in 2017 did Bitcoin close a daily or weekly candle under that technical level.

And if you look through Bitcoin’s price history, you can see multiple occasions where it made contact with that level and headed higher in succession.

Should history repeat, Bitcoin is likely to rebound in the coming days, then continue to gain momentum and strength in the coming weeks.

BTC Still Strong

Accumulating at current prices isn’t the worst idea, according to some other analyses. PlanB, an analyst from traditional markets that has delved down the Bitcoin rabbit hole, opined that “Bitcoin is still looking strong” per his one-month Relative Strength Index (RSI) reading.

Indeed, the current movement in the RSI chart seen below is eerily reminiscent of mid-2016, when Bitcoin consolidated after its first bull run after 2015’s crash to sub-$200 levels.

#bitcoin still looking strong … feels like mid 2016 pic.twitter.com/lddKSEETye

— PlanB ? (@100trillionUSD) August 29, 2019

Featured Image from Shutterstock. Chart Courtesy of TradingView.com
Tags: analysisbitcoinwilly woo
TweetShare47
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

1 hour ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

13 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients

2 days ago
Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

2 days ago
bitcoin gold ethereum mark cuban peter schiff

Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.