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Buying Bitcoin at long term support.

Thursday, May 12, 2022

On 5 May 22, I published a blog on why I was looking to add Bitcoin to my portfolio.

The plan was to have gold, silver and Bitcoin form 4% to 5% of my portfolio as insurance against fiat currencies.

This decision was made after plenty of thinking and research.

Of course, there are plenty of cryptocurrencies available but I am only interested in Bitcoin because of the "Bitcoin is digital gold" line of thought.

I have no interest in the "Buy cryptos to get rich quick" line of thought which has a strong speculative flavor to it.

When something gains traction and greater mainstream acceptance, often, we see variants of it spawning as everyone tries to get a piece of the action.

It is no different in the crypto space and very recently, the crypto space had their version of Blumont/Asiasons crash.

Seeing is believing:





Luna has crashed.

Crash is probably an understatement as this Luna crash puts the craters on the Moon to shame.

Many who placed heavy bets on Luna lost everything.

Terrible.

What about Bitcoin?

Well, it is crashing too but not in such a dramatic fashion.

I only got my little toe in the Bitcoin door a couple of weeks ago.

Why not a foot? 

I initiated a very small position because I saw a bear flag in the chart.

The suggestion was that price could go a bit higher and then it could swing lower and I would accumulate only at a lower price.

So, with the price crashing now, when would I be buying more Bitcoin?

Using simple moving averages to throw some light on that matter, the 200 days moving average seems like the one to watch.

Chart dated 12 May 22.




This 200 days moving average is still rising and approaching US$22,000.

Just quick and dirty technical analysis.

Of course, technical analysis shows where the supports and resistance are but it doesn't tell us if they would be tested.

Will just have to wait and see.

Recently published:
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Related post:
Gold, silver and Bitcoin.




6 comments:

ASSI reader said...

Dear AK,

Thank you for sharing your thoughts!

Would you be able to share where and how you would purchase Bitcoin in Singapore - to ensure the purchase is safe and is able to liquidate in the future (worried abt all the scams associated with crypto).

Thanks!

Regards,
ASSI reader

AK71 said...

Hi ASSI reader,

Love your name. ;)

I did some research and compared a few exchanges and decided that Gemini is probably the safest option.

They actually have insurance and they also keep most of our coins in a cold wallet, for example.

Anyway, you can read up more about them and here is my referral link:

https://www.gemini.com/share/4m5nmvlsl

You get US$10 and I get US$10 of Bitcoin once you buy US$150 worth of Bitcoin/Etherium, if I understand how the referral works correctly. :)

Kent said...

Hi AK,

the long-term support has been breached. Have you been adding more bitcoins to your chest labelled "CODE RED" since you made your first leap of faith to invest in the cryptocurrency?

Regards,
Kent

AK71 said...

Hi Kent,

Yes, I added to my tiny position as planned.

It has gone from being a tiny position to a very small position. ;p

I will add more if the price goes much lower.

I see the next major structural support at around US$12K per coin but there should be some support at US$17.5K too.

D said...

Hi,

Is your referral code still works. I like to explore a tiny position as well.

By the way, I read that there are several types of bitcoins available. Which one is the safest?

Thanks in advance

AK71 said...

Hi D,

There are many cryptocurrencies out there and some, like Luna and Terra, have imploded.

Bitcoin has been around the longest and is referred to as digital gold because its supply is finite.

That's the only cryptocurrency I buy.

I think the referral code still works since I have not heard anything to the contrary from Gemini. :)


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