Bitcoin has collapsed at least with more than 50% from its all time high of 69000 and at the time of writing Bitcoin is trading around 34400.00, ahead of its the 30000 historical support level. We could see Bitcoin reacting at this level send price back up.
From my point of view, Bitcoin is just ranging and resting from its bull run and very soon we would see the bulls roar again.
I will wait patiently for bullish reversal signs before buying Bitcoin. This may take days or even weeks to develop.
One mistake to avoid is jumping in immediately when it approaches the support level. That is like trying to catch a double edged sword that is falling. We need to wait for it to cool off and see if there are some sort of bullish reversal signs.
I made an example what happened in May 2021 when price hit the same level (30000), price hesitated to rise and it consolidated around the level for almost 70 days before rising. In the similar way, I will give it days or even weeks before making any decision.
For sure Bitcoin Hodler's patience had been put to the test and what is ahead will not only test our patience but it will also test our discipline and self control to be able to wait for the right time to get in.
From my point of view, Bitcoin is just ranging and resting from its bull run and very soon we would see the bulls roar again.
I will wait patiently for bullish reversal signs before buying Bitcoin. This may take days or even weeks to develop.
One mistake to avoid is jumping in immediately when it approaches the support level. That is like trying to catch a double edged sword that is falling. We need to wait for it to cool off and see if there are some sort of bullish reversal signs.
I made an example what happened in May 2021 when price hit the same level (30000), price hesitated to rise and it consolidated around the level for almost 70 days before rising. In the similar way, I will give it days or even weeks before making any decision.
For sure Bitcoin Hodler's patience had been put to the test and what is ahead will not only test our patience but it will also test our discipline and self control to be able to wait for the right time to get in.