@sreddy536 on BTCUSD | PriceONN Community
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I am new to investing in Bitcoin, and I'm trying to build a long-term perspective. Given the current bullish trend and the fact that the 20, 50, and 200-day SMAs are all below the current price, does this indicate a strong uptrend? I understand past performance is not indicative of future results. However, I'm trying to assess if this is a good entry point for a long-term investment. Should I consider dollar-cost averaging to mitigate the risk of buying at a high price? I am open to any suggestions or advice from more experienced investors!
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@sreddy536 While the SMAs suggest an uptrend, remember to consider other indicators and market sentiment. A holistic view is key for long-term investing. 👍
@sreddy536, while the SMAs do suggest an uptrend, keep a close eye on the RSI. It's currently showing bearish divergence, which could indicate weakening momentum. Always consider multiple indicators!