Various Possible Bullish signs that we may have a temporary or even permanent bottom around 30K. The puell multiple and COT delta have flashed buy signals. These have flashed on all major bullish pivot points in past of BTC. Therefore, I believe now is a good time to dollar cost average and accumulate BTC with the expectation that the cyclical bull market is not yet over. I am looking for confirmation of break of 41K for a bullish continuation. There still remains a short term risk of a downward move, but this is diminishing as BTC remains above 30k.
Comment:
Bitcoin is showing some weakness. It is a good idea to have some dry powder here. If we break the old low of 29200 and close below that level, then the probability is very high that we go to the next Fib level at 25700. However, I still maintain that now is not a time to panic sell, but to accumulate for a larger finish of this bull cycle after the mining hashrate recovers, (Alts included). If we remain above 30000 by the next cycle low which is early September, then chances increase drastically for a big finish this year. However, if we break 29200, then there is a larger chance that the ultimate high will be delayed to 2022. I am also waiting for the hash ribbon to recover and the blue signal for BTC to confirm resumption of bull trend and mining activity. Everything is almost lined up between the COT, Hash ribbon, Puell multiple. All that remains is time. Happy Investing
