Buy the bitcoin dip! $30k fabulous discount!

Here we can see Btc has retraced all the way to its trend line at 30k and bounced of 3 times with wicks. I covered my shorts and now wow what a great dip buying opportunity for hodlers.

Potential 3 Bar reversal pattern here on the candles on the hourly, rising wedge reversal pattern break and 1 min moving averages turning bullish at time of print.

The thing with dip buying is never expect to hit the exact bottom just try and average in a good price and accumulate over time in uptrends. It's highly likely though all pro's are short covering here and dip buying for short profit taking and getting a good average price for bitcoin. BTC is in a bull market and the hourly moving averages (see first chart are still extremely bullish) 30k is a fantastic discount from 40k yesterday. First resistance is really 36k, we can review later.

Comment:

A note of warning to hodlers dip buying is that whilst the overall weekly and monthly bitcoin charts are in a bull market, we have technically retraced more than 20% from the ATH here. Some would say that is bear market territory so dip buyers should expect to be prepared to hold their bitcoin as long as necessary to make a return.

Trade closed: target reached:

Take profits now at 36200 for swing day traders (6000 points gain from an entry yesterday is a great move!). Longer term holders no reason to sell