the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .
Going Solely by the charts and not considering any fundamentals if we see the daily candlestick chart. You will see a moving average crossover happening on the daily chart in which the faster average is intersecting the slower average from above which indicates that a bearish trend is somewhere around the corner. Along with this, you can even see a bearish MACD Crossover on the daily chart. Even though the RSI is now no more in the overbought zone I still feel we are not going to get an immediate pump from here we might see a move downwards from here I think everyone would get a chance to accumulate at around 25K which is the correct point for a retracement after such a big move. So hold your horses don't get into FOMO. Moreover, if we go by technical analysis right point for buying will be above the all-time high as it would indicate a bullish breakout.