Should You Buy the Dip in Bitcoin?

On the day, Bitcoin has taken a beating, but it is finding buyers at the 50-day moving average. From here, here’s how to exchange it.

Bitcoin prices are down nearly 5% on Tuesday, indicating that the market’s largest cryptocurrency is having a bad day.

Bitcoin, on the other hand, is well off the session low, which was at $58,560 when it was down about 8%.

The latest cryptocurrency market crash has wiped off billions of dollars in market capitalization.

Bitcoin isn’t the only cryptocurrency under pressure; Ethereum is down more than 6% as of this writing.

Even though Ethereum had fallen in six of the previous seven days, I predicted that it may rise to $5,000 or higher yesterday. That is what I wrote about Ethereum:

“Continues to trade at $4,380, above the 21-day moving average and the preceding all-time high.”

I’ll stay positive on Ethereum as long as it stays above the latter price.”

Continuing with Bitcoin, some argue that it is “not organically declining.”

That might be the case. However, we’ll stick to the charts and rely on the technicals to lead us.

The trend is the first thing that comes to mind before the retreat. Since the late-September low, and more generally, since mid-July, the trend has obviously benefited the bulls.