As many of you know, I have been bearish for a long time. But I'll be a bull very soon, if my analysis are right.
Here I show you how Bitcoin could be in a big reaccumulation range, which bottom (spring) would be below the 2018 low ($3200) and the big 2k support. So, for me, $2-3k is a very good buy zone.
S&P500 (SPX) chart did the same reaccumulation pattern during the 2008 crisis, with a spring taking the previous swing low. I expect BTC to do the same soon.
Legal disclaimer:*THIS IS NOT A BUY / SELL SIGNAL. Try to do your own research before trading.*
Look at it this way. If you are highly confident that the next hype cycle is already underway, you can relax and hodl.
If on the other hand, you are something which known as a 'trader' (def: someone who does not care whether prices rise or fall because they make money either way) you will await confirmation. If you are holding BTC at the moment, the odds are that you are checking the price about 30 times a day. This tells me that you are not highly confident this is already the next hype cycle and therefore that you should not have nailed your life savings to the mast just yet.
Look at it yet another way. Making money in a true bull market/hype cycle is easy. You just...do nothing...and wait for your stop loss to hit your exit strategy price. Moreover, your gains are theoretically unlimited in a true bull market (def: clear Bullish Macro).
If you want to become a trader, learning how to make money in a bear market is what separates the moonboys from the pros. This can be much more relaxing than nailing your entire fortune to the mast of a ship with holes in it. Relaxing that is until the moment you decide to re-enter the market. Then it gets more stressful. Hence it makes sense to buy when you are most afraid of buying....at max fear levels (when everyone else is terrified). Not easy. But if you can do that, you are a trader...which is the precise opposite of being a moonboy.
Mhjstc
⋅
still valid?
CryptoCapo_
⋅
@ChillinRachy, Yes.
Mhjstc
⋅
@CryptoCapo_, any level that could make it invalid?