I've already written about how the April top of Bitcoin was a Wyckoff distribution pattern resulting in a crash at the tail end. I think Bitcoin and the rest of the crypto space is still in a correction phase although the steepest correction may be over.
Here's more information about the Wyckoff method:
https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
We saw the Wyckoff accumulation pattern twice beginning from Christmas 2018 and ending early 2019:
The current Bitcoin and crypto crash results in the price stabilizing in a bottom formation like that it might be a good time to start re-accumulating.
It is possible for Bitcoin to recover more quickly. In this case, I would wait and see if the price faces rejection in the roughly $50,000 to $60,000 zone. It it clears that area and goes into price discovery possibly after a retest or a few, it is time to go all in.
Not financial advice.
