When Should We Buy Bitcoin? - Forex News by FX Leaders

When Should We Buy Bitcoin?

Posted Friday, November 3, 2017 by
Rowan Crosby • 1 min read

If you’re wondering what in the world is going on with Bitcoin then it might be worth reading all about the crypto-currencies here.

This week the CME announced that they were introducing a Bitcoin futures contract. That is the first step in taking it into the mainstream in my opinion and is a big boost forward. As a result, the value has shot up and now we are trading in the $7000 range.

We don’t want to be buying the top, so we need to find some good levels in which to try and ride this momentum.

I think 6800 is the bottom end of this most recent spike, however, there will certainly be some support at 6400. It looks a long way back now but I would ideally be a buyer at 6200 which was resistance turned support.

 

Other Options

Our Leading Analyst Skerdian, has been completely across the Crypto space in recent weeks and at the moment we have a number of buy signals out on LiteCoin, Ethereum and Ripple.

If you feel like Bitcoin is a bit too hot right now, consider buying one of the other lagging currencies. They are offering great upside potential as well.

 

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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