We are at the very good zone for accumulation if you still believe in the future of BTC, considering upside vs downside that is 1:3 at least.
I did a rough cycle count here in 2 cases:
1st is the most likely for now: 60k might be the significant top that will last very long and BTC will go into a sideway asset in the next decade. Yet it is still very volatile 300% + volatility.
2nd is the super bullish. It is that we shoot up and trending above 60k with conviction to finish a very large cycle.
BOTH CASES INDICATE THAT IT IS TESTING AT LEAST ATH. I am pretty bullish on this and as aforementioned 1:3 RR is considered very good setup if you don't factor in a time-exposure.
For mid-term, I find it does not done correcting yet. We might side way around this area for a while with some false break. I am thinking it is doing 4th (just done a of A for the 4th and is currently heading down for b of A.) If this is the case I am not expecting the new swing low soon and we are going for a sideway market for a while.
I did a rough cycle count here in 2 cases:
1st is the most likely for now: 60k might be the significant top that will last very long and BTC will go into a sideway asset in the next decade. Yet it is still very volatile 300% + volatility.
2nd is the super bullish. It is that we shoot up and trending above 60k with conviction to finish a very large cycle.
BOTH CASES INDICATE THAT IT IS TESTING AT LEAST ATH. I am pretty bullish on this and as aforementioned 1:3 RR is considered very good setup if you don't factor in a time-exposure.
For mid-term, I find it does not done correcting yet. We might side way around this area for a while with some false break. I am thinking it is doing 4th (just done a of A for the 4th and is currently heading down for b of A.) If this is the case I am not expecting the new swing low soon and we are going for a sideway market for a while.
Comment:
Still think the same unless the price action sustained below 17k for a long time, manage your capital as a risk management is the best way to play it in this kind of situation