Markets

Is This The Best Time To Buy Bitcoin? Red Wave Attacks Crypto Market

A red wave attacked the cryptocurrency market right before the Bitcoin Cash hard fork that I talked about a few weeks ago. Bitcoin Cash (BCH) saw the steepest losses in the top ten cryptocurrencies, losing over 15% by the end of Wednesday’s New York trading session. Bitcoin (BTC) tested below the $6,000 psychological support level and briefly touched the lows of back in 2017 at $5,682. This created a great buying opportunity as I had advised the Invest Diva’s investing group members. Now the question is, will the cryptocurrency market bottom out after hitting the lows?

About the Red Wave

We had been waiting for this red wave for a very long time. Personally, I was getting a bit impatient with it. But finally the time came and my buy limit orders went through. Phew. Now we’re waiting to see if this psychological level holds, and will help Bitcoin and the rest of the market to bottom out. The last times Bitcoin dropped to this level was in June and August 2018, and each time it was able to reverse back up to key resistance levels shortly after.

Remind me about Bitcoin Cash Hard Fork

On Thursday, November 15th, Bitcoin Cash (BCH) which is the child of a hard fork itself, is going to fork again. Forks normally result in upgrades in the network and it happens when two groups within the network disagree on the upgrades. This time, it looks like the Bitcoin Cash ecosystem is divided pretty dramatically. So this fork may result in multiple projects and coins. The dispute is between two competing factions, represented by their respective software implementations: Bitcoin ABC and nChain.

Fun fact: nChain chief scientist, Craig Steven Wright, claims to be the man behind the mysterious Satoshi Nakamoto. But he has only been able to produce fake evidence for his claim.

With the community getting heated up, Coinbase is planning to monitor the event closely and potentially shut down Bitcoin Cash trading ahead of the hard fork in order to minimize customer disruption. The exchange had already announced that all payments and receipts of BCH in the Coinbase wallet would be paused on their platform, beginning 8 am on Thursday morning.

Back to the crypto market and the red wave, now I’d like to hear from you. Do you think Wednesday’s red wave was temporary and could help the cryptocurrency to gain a renewed energy? What do you think about Bitcoin Cash hard fork, and how are you planning to manage your assets during and after the event? Let me know in the comments, invest responsibly and subscribe to get more updates! Remember that a s the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.

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.


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

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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