The strategies discussed below are suitable for swing traders.
”Buy low sell high.” “Buy at support levels.” These are the sacred words in the finance world, including cryptocurrency market. I believe that these days are the time that we possibly have the lowest prices near the support level to buy.
At the Bitcoin graph below, the price is nearing the trendline support level. This long-term trendline is made by drawing ray line from the low of March 25, 2017, to the low of September 14th, 2017. The support made by that trendline is at $6,700 - $6,800. The current price is not exactly at the support price, but quite near.
Litecoin is also making similar case as Bitcoin. The long-term trendline for Litecoin can be drawn by making a ray line from March 30th, 2017 to the low of September 22nd, 2017. Quite near, but not exactly at the support trendline.
Although similar, Ethereum has two (2) support trendlines in my opinion. The first support trendline can be made if we draw the low of March 09, 2017 to the low of July 16th, 2017, we will then get the blue support line (Trendline Support #1). If we take the same low of March 09, 2017 to the open of September 15th, 2017 we will get the red support line (Trendline Support #2). Thus making two (2) support trendlines. The red (second) support trendline seems like a better / more valid trendline because it has been touched several times. However, the latest break to the $400 area made the blue (first) trendline seems valid also. If Ethereum will follow the similar case with Bitcoin and Litecoin, where the prices are nearing the support line, we can then assume that the real support trendline for Ethereum is the blue (first) trendline.
All Bitcoin, Litecoin, and Ethereum prices seem like nearing their long-term support. Will you buy now or wait for it to go lower? Do you think they will break below the support lines?
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BTC : 1HqYTjRdZvss32vDrp1T8gRAXTgdqfZ6VS
ETH : 0x1fc22bC528ceE3DaA39555269b70e287dda9aE3E
LTC : LdEiGzjcG36EoZoezDu6rZmdwVcSJHazfr
DOGE : DMYx1w5Sr4uoMnNWymn5nMpCuySSr178TA
XMR : 46QngrRwYgAbQJzW2ZJZ8HEuirkUW2bw84ajWhk73DLG8iT9NqgfzSU4ddRZbeAaLgFeL6gAxzVtGZPHJhFmCDXF3ZEwimT