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Bitcoin Ichimoku Analysis: When to buy Bitcoin? Today Im using the Ichimoku cloud analysis for BTC price Prediction to find out if NOW is a good time to buy Bitcoin. That is if you believe Bitcoin is the right asset to invest in and suits your unique risk tolerance.

Once youve watched the video, let me know what you about the Bitcoin price forecast. Are you investing in Bitcoin? Is now a good time to buy Bitcoin? Or would you rather wait or the BTC price to drop further?

I look at the markets based on my signatureInvest Diva Diamond Analysis (IDDA)and combine it with the Ichimoku Kinko Hyo strategy development technique including indications from theIchimoku cloud. The IDDA looks at investment strategies from 5 points: technicals, fundamentals, sentiment, capital, and overall.

Created by a pseudonymous developer (or developers) using the pseudonym Satoshi Nakamoto, Bitcoin gave birth to the multibillion-dollar cryptocurrency industry. The blockchain technology supports Bitcoin and the decentralization movement. Although many projects have tried to replicate Bitcoins success by creating coins that are far more scalable and advanced on the technological level, Bitcoin has remained the most dominant cryptocurrency on the market. Its main use-case has been shifting, though. People started to consider it as a store of value (digital gold) rather than a payment currency. And that is primarily due to its high domination, large liquidity, and generally lower volatility in relation to other cryptocurrencies.

There is still an ongoing debate in the space about whether Bitcoin should be considered a medium of exchange or a store of value. In its whitepaper Bitcoin was designed as a peer-to-peer version of electronic cash. The global cash market accounts for about $36.8 trillion of physical money and could increase to $90.4 trillion if we also include money held in easily accessible accounts. BTC is the native currency of Bitcoin the blockchain. Its main application within the ecosystem is to serve as a reward instrument for miners who are adding blocks to the blockchain. Miners are paid through a combination of Bitcoins block reward and transaction fees.

According to the Simetri research, as the number one cryptocurrency, Bitcoin continues to be the driving force behind the crypto economy. Its influence over the overall market is undeniable, while its prospects for development look promising. Its ecosystem is evolving, with many projects that enhance its functionality as well as scalability.

The Lightning Network alone has seen significant growth since the last year, in terms of both network capacity and merchant adoption. The interest from institutional investors also has been significant. The appearance of necessary infrastructure that will allow investment in Bitcoin through regulated and well-structured investment vehicles, will attract even more smart money into the crypto economy. Therefore it seems likely that Bitcoin can become a store of value asset, and attract institutional money into its ecosystem.

This will make bitcoin even more dominant in the crypto economy and will support and stabilize its value proposition. Due to its strong market position and overall ecosystem expansion, Bitcoin receives an A- from Semitri research:

BitcoinIchimoku cloudAnalysis indicates mixed signals across different time frames in terms of BTC price prediction. On one hand, on the daily chart, the BTC/USD pair has crossed below the Ichimoku cloud and testing to break below the 61% Fibonacci retracement level of 7,362. A break below this level could open doors for further drops towards the key support level of $6,000.

On the other hand, on the monthly chart, the pair is being supported by the monthly Ichimoku cloud. we wont know until January 2020 if this support is going to hold the pair from further drops.

So when is a good time to buy Bitcoin?

Watch the video to find out, and let me know what you think.

Disclaimer Trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose.

This article was originally published on InvestDiva.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Bitcoin Ichimoku Cloud Analysis BTC Price Prediction When To Buy Bitcoin? - Nasdaq