Where is this buy zone? How does he reach it? Let’s take a closer look at the price movement and determine the answers.
Alts nearing the buy zone as predicted. pic.twitter.com/IVwtt5SCvR— dave the wave (@davthewave) October 24, 2019
Where Is the Altcoin Buy Zone?We have drawn two curved trend lines in order to determine critical support areas. The first one is an ascending support line that has been in place since 2016 (green). The second one is a U-shaped trend line (red) that connects all the lows since the correction began in 2018. Both of these trend lines are converging near $60 billion — slightly below the current price level. To determine the exact support level, we are using a Fibonacci retracement tool from the low reached in December 2018. Doing that, we have found more convergence by the support lines and the 0.786 fib level — which is found at $56 billion. Combining this with previous support, we can further gain a more specific support area at $56-$58 billion. Based on the above charts, we can hypothesize that the decrease for altcoins is nearing its end and the ensuing year will be posting higher rates of increase than the current one.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
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