Traders and enthusiasts are always looking for the best time to buy Bitcoin. Such periods materialize quite regularly, depending on one’s personal expectations. For those who keep an eye on technical indicators, it seems the time to buy Bitcoin may be nigh. Not everyone puts such stock in such indicators, though, for rather obvious reasons.
The GTI Global Strength Indicator
For those people who trade in any financial market, several indicators will prove to be of immense value. There is the RSI, the EMA, and even Bollinger Bands, to name a few. More advanced traders try to utilize other data sources, such as the GTI Global Strength Indicator. It is not a commonly used tool, even though it has its merits. This indicator depicts the movements of successive closing prices, in either upward or downward momentum.
If one were to believe this particular – and somewhat niche – indicator, it seems now is the perfect time to buy Bitcoin. This indicator triggered a potential buy signal for the world’s leading cryptocurrency. It is the first time since December 2018 since such a signal became apparent. One could argue December might not have been the best time to buy BTC, given how the price continued to plummet throughout the first half of 2019.
Will $8,000 Hold?
One thing this particular indicator doesn’t tell investors and speculators is how the price will evolve in the short term. Right now, it seems unlikely the Bitcoin price will remain above $8,000 for much longer. It is always difficult to gauge the future movements of any financial market. That is even more apparent when dealing with cryptocurrencies, as they are incredibly volatile by nature. As such, a dip below $8,000 would invalidate this particular buy signal.
Other factors are also at play at all times. There seems to be a lot of pressure on all cryptocurrencies after a few months of slow and steady upward momentum. No one knows exactly why that is the case, as the trading volume has remained virtually the same throughout this period. Then again, Bitcoin dropped from $10,000 to just above $8,000 in quick succession. That sends a strong signal as to how this might not be the final downward push in 2019.
To buy or not to buy?
In the end, the decision to purchase Bitcoin – either as an investment or simply to be part of the community – is entirely up to the individual in question. There is no solid answer as to why one should – or shouldn’t buy Bitcoin at any given time. Not everyone in the world is required to own BTC to make something of their life by any means. It is just another option which comes across people’s path. The final decision is up to them entirely.
The post One Niche Technical Indicator Claims now is the Time to buy Bitcoin appeared first on The Merkle Hash.
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