So it seems like BTC has reached a mid bull run exhaustion climax, followed by a little upthrust, and now we're heading back to the bottom of the range for re-accumulation. The question is: What is the range? There's a few potential automatic rally points that could determine the bottom:
~48k, roughly where we are now.
~45k + wick (green box)
~40-42k falling all the way back to the high volume support area (again plus a possible capitulation wick)
I am confident this is NOT the top for Bitcoin. Just a mid point re-accumulation phase in the overall bull run, per the S2F model and a whole bunch of other indicators that show BTC has not topped yet for the year. The top should come no earlier than September IMO. So if you're holding cash, i'd start buying the above three leves, to dollar cost average into this temporary dip that shouldn't last more than 4-6 weeks. Probably less.
~48k, roughly where we are now.
~45k + wick (green box)
~40-42k falling all the way back to the high volume support area (again plus a possible capitulation wick)
I am confident this is NOT the top for Bitcoin. Just a mid point re-accumulation phase in the overall bull run, per the S2F model and a whole bunch of other indicators that show BTC has not topped yet for the year. The top should come no earlier than September IMO. So if you're holding cash, i'd start buying the above three leves, to dollar cost average into this temporary dip that shouldn't last more than 4-6 weeks. Probably less.