Let's see if the cryptocurrency market has begun it's rally by asking this question first:
Is one bullish day enough after the market has been falling for 69 days prior to that, so we can say that the direction has changed? Share your answer in the comments down below!
Price bounced of pretty nice of the previous low and also the strong support in the 1799-1759 zone. However we still don't even have a reversal on the H4 timeframe. In order to see a confirmed reversal we should see a higher low and a higher high. So we have to keep an eye on that.
There's two options to buy at the bottom:
The first one is by buying periodically little by little - Dollar-Cost Averaging (DCA). This is probably the best option right now, and the one that requires the least amount of effort. Also, you don't need to use leverage for that.
The second one is to wait for a trend reversal. It's still early for a confirmed reversal on a Daily chart and we could even see another downside move.
If you're using leverage then right now is not the best time to enter long positions.
Watch out for our analysis to find out when would be the best time to buy!
It went up because today(7/21) is the day with Musk vs. Dorsey about Bitcoin.
Also some other good news with BOA with crypto. You'll see tomorrow will face a lower high than today.
ForexTrendline
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@JuneZzang, Yes, it is possible. That's why we have to see higher low and a higher high to confirm a reversal!
ibryhymlarwal
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this ur analysis is great and i think u could be right. in addition, to your higher high and higher low analysis, we should also draw trendline from d peak and wait for the breakout and retest on a valid support zone. in order to pick a long buy, only if bears aint active any more
Also some other good news with BOA with crypto. You'll see tomorrow will face a lower high than today.