As everyone is doing their best to decide whether or not Bitcoin has bottomed, I've personally begun accumulating. The striking similarities to the way the 2014 bear market came to a close and how price continued sideways afterward is just one reason why I feel this way. Another reason is the fact that we saw such a HUGE capitulated sell-off from the 6K level, which has me asking one question: With huge upside potential and with the higher low made on the daily from the bear market bottom, who the hell is going to dump their BTC and send prices back down to 2K?
No one ...
On this chart, I have mapped out where I am looking to buy (green square), where I am less excited to buy but willing (yellow) and where I won't be buying until solid support is made (faded red square).
BTC sub $3,800 is a safe place to dump fiat.
BTC between $3,800 - 4,200 makes for a decent FOMO play if you have the fiat.
Anything above the $4,400 level will be a 'watch to see what happens' level to which I'll be watching for a top and either a sharp sell-off or trickle down back into the yell and green levels.
I'll go out on a limb and say that this rather sideways action between the green and yellow boxes will play out at least until July, but could extend to late October. Let us look out for a double or triple bounce off support.
Anyway, this is a rant and only my opinion but it all comes down to this (again just my thoughts) being the start of an accumulation phase before the next bull cycle kicks in.
Hodl on ...
This is not financial advice. Do your own research
