As you can see Bitcoin finally broke out of it's bear trend & above it's 50 Week Moving Average in October of 2015 when it was priced around $275/coin. As I am writing this Bitcoin is trading just above $550/coin, which is equivalent to a 100% gain from the major trend change since last October. Looking at the chart above, it is easy to tell that Bitcoin is a very volatile instrument. Bitcoin was trading above $775/coin just a mere 6 weeks ago.
Even with the loss of ~30% in the past 6 weeks, Bitcoin is still in a major uptrend. I think now is a good time to buy a few for a long term investment or add to your position. Bitcoin traded below $480 yesterday on a major news event (Bitfinex Exchange Hacked), so the very savvy dip buyers are already getting paid. I believe this will mark a near term low/capitulation type event in price, but if the news flow continues to be overly bearish, I can see it retesting the $450 area where a lot of support lies.
Long term, just add on the big dips & right here looks like a good spot to do that. The 50 Week Moving Average is ~$392/coin and steeply rising. This is a very bullish sign. Until this trend changes, I see no reason to panic sell.
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