10 days before the recent rise, we attempted to explain "why there is no better opportunity to buy Bitcoin than now".
Following Tuesday's aggressive rise, we are after a pattern that will keep Bitcoin but on a steady pace. As seen on the 1D chart, the recent price spike is identical (so far) in growth % with the spike that took the price from the 3,200 December low (and market bottom) to the 4,380 Resistance, which kept Bitcoin contained within an for 3 months. The rejection on the 4,380 Resistance was followed by a -22% pull back that made the first Higher Low of the .
We expect that a potential rejection from the current high, will result in a similar pull back and quite possible a new Triangle. The estimated support should be around 4,150.
Note that this is not a suggestion for short-term shorting now that the uptrend is on its early stages. This is merely intended to provide new buy entry points for long-term investors who wish to accumulate Bitcoin during the accumulation/ distribution phase we're in with a long term mindset of selling on peaks as the new bull market unfolds. As long term Bitcoin investors ourselves, we continue to buy those dips since we called December's low a market bottom.
See below a similar study done in November, projecting the market bottom and the transition period discussed on the current analysis:
Why there is no better opportunity to buy Bitcoin than now:
The parabolic curve study:
Bitcoin's Halvings and Phases:
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