Bitcoin is in a reaccumulation phase. Buy Bitcoin!
Bitcoin is in a reaccumulation phase and is establishing higher lows.
During the final months of the 2022 bear market, professional players bought BTC below 20k. Thereafter, the BTC price gradually increased to 45k, and in the first months of 2024, the price was pushed above the previous all-time high of 69k.
The players who bought BTC during the bear market started distributing above 69k. And they sold and sold.
The price was pushed below 60k in April, but the dip was quickly bought.
In July, we had another dip below 56k, which was yet again bought.
Finally, on August 5, BTC experienced a massive fake sell below $53,000. In Wyckoffian terminology, this kind of action is called a spring. The price quickly reversed and has since been establishing higher lows:
52K, 57k, 59k.
So, I speculate that the big players who initially sold BTC above 69k started
buying back below 60k, reaccumulating in order to sell it again over 80k, 90k etc.
In conclusion, I think it is safe to buy Bitcoin below $69,000 without leverage.
Peace!
During the final months of the 2022 bear market, professional players bought BTC below 20k. Thereafter, the BTC price gradually increased to 45k, and in the first months of 2024, the price was pushed above the previous all-time high of 69k.
The players who bought BTC during the bear market started distributing above 69k. And they sold and sold.
The price was pushed below 60k in April, but the dip was quickly bought.
In July, we had another dip below 56k, which was yet again bought.
Finally, on August 5, BTC experienced a massive fake sell below $53,000. In Wyckoffian terminology, this kind of action is called a spring. The price quickly reversed and has since been establishing higher lows:
52K, 57k, 59k.So, I speculate that the big players who initially sold BTC above 69k started
buying back below 60k, reaccumulating in order to sell it again over 80k, 90k etc.
In conclusion, I think it is safe to buy Bitcoin below $69,000 without leverage.
Peace!
Note
Price is consolidating in the 67,000-68,000 zone.
There is some selling activity above 68,000, but the volume is low, indicating that not many investors are closing their long positions or opening shorts below 70,000.
However, if the price doesn't break 70,000 soon, Bitcoin will likely correct lower to the 64,800 support or even the 62,000 support.
The next two weeks will be crucial!
Peace!
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