Well…Bitcoin is for four days below the accumulation structure. Yes, till some days ago it was an accumulation structure. On-chain metrics confirmed that.
As a reminder: Most whales whose sold their Bitcoins during the distribution between March and May 2021 didn’t buy them back at the bottoms.
The bull market between July and November, yes, was a bull trap. It’s complicated, I’ll explain it maybe some other time.
So, is still there any hope for BTC?
After the accumulation, I was expecting a quick bull rally to $50k or near the previous highs before the Hell. And that … was my most optimistic scenario for BTC.
This type of breakout of $34k - you can see in the chart - would be absolutely healthy under the appropriate conditions. Like no war, no pandemic, and the rest.
The longer the time BTC remains below $34k, the more bearish it becomes.
If we regain it quickly, we may see again $40k.
Todays candle (at least as it formed till the time of writing this) is bullish, in the short term of course. So, I expect at least a return to $34k in the next days.
For me, it’s not the right time to buy these dips. Market is highly volatile. It’s wise to wait for stability before making any decision.
Thanks for reading this!
Remember investing is a probability game.
Follow for more reports & like and share if you appreciate this.
Not a financial advice. Always do your own research.
As a reminder: Most whales whose sold their Bitcoins during the distribution between March and May 2021 didn’t buy them back at the bottoms.
The bull market between July and November, yes, was a bull trap. It’s complicated, I’ll explain it maybe some other time.
So, is still there any hope for BTC?
After the accumulation, I was expecting a quick bull rally to $50k or near the previous highs before the Hell. And that … was my most optimistic scenario for BTC.
This type of breakout of $34k - you can see in the chart - would be absolutely healthy under the appropriate conditions. Like no war, no pandemic, and the rest.
The longer the time BTC remains below $34k, the more bearish it becomes.
If we regain it quickly, we may see again $40k.
Todays candle (at least as it formed till the time of writing this) is bullish, in the short term of course. So, I expect at least a return to $34k in the next days.
For me, it’s not the right time to buy these dips. Market is highly volatile. It’s wise to wait for stability before making any decision.
Thanks for reading this!
Remember investing is a probability game.
Follow for more reports & like and share if you appreciate this.
Not a financial advice. Always do your own research.
Comment:
*If we regain it quickly, we may see again $46k.