The Right Time To Buy Bitcoin — When?

4 Jul

Happy 4th of July my fellow Cryptocurrency trader, I am wishing you wonderful day.

With the current action we are witnessing on the daily Bitcoin chart, it is clear as to what has been happening in the past three months.

➖ After a new All-Time High, Bitcoin went sideways with a downward bent and entered a consolidation pattern. This consolidation pattern is part of a distribution phase.

➖ Once Bitcoin hits a new low/support, there can be a new consolidation pattern and this pattern becomes part of an accumulation phase.

The difference between distribution and accumulation is the direction the market takes after the phase is over.

• A distribution phase happens after a major high and leads to lower prices.
  
• An accumulation phase happens after a major low and leads to higher prices.
  

On this chart we can see a clear breakdown of a long-term consolidation pattern and this confirms the distribution phase. For us there wasn't any doubt we were in distribution due to the new All-Time High.

Now, doubt is doubt and those who want to doubt will always continue to doubt. So even after almost 4 months of Bitcoin peaking and moving lower, some people still think that we are moving toward 100K. Bitcoin is moving lower within a bearish wave. This is a fact.

How far down Bitcoin goes is yet to be seen.

We can only make predictions based on the data coming from the chart but the market whales who own the bots and trading algorithms adapt live to everything we do and say. So the bottom is uncertain.

The good news is that there will be plenty of time and plenty of signals coming from the chart confirming when the low/bottom is in.

There is an scenario where the bottom/low is only available for a few hours... And that's ok, because if we get this scenario we will still have a "higher low retest" and the next wave is going beyond 150,000, likely toward 186,000 or even beyond 200K if money printing gets out of hand.

It is still too early to consider prices going up... We have to wait for the crash before any bullish growth.

It is still early... Patience is key.

Namaste.