Most crypto markets are still largely moving in lockstep and following Bitcoin.
There has been a recent dip in Bitcoin. This dip was inevitable as we had reached 185% increase from the bottom with the market being very overbought and the market always reacts after such a significant move.
I am personally continuing to hold my long term positions entered into since December as the bigger picture is still very bullish.
If Bitcoin dips hard towards $6k, this will be a fantastic dip buying opportunity before take-off of the larger bullish cycle.
It’s likely that Bitcoin dips further from here and I see two levels where we could bounce and would be good buying opportunities:
1. Around $7k zone.
Reasons being A) it is the 38% fib from the major move B) It is the daily Kijun zone C) Horizontal and ascending trend line support D) Bullish divergence building
2. $6-6.4k.
Reasons being A) 50% fib retracement level B) the long term horizontal support formed during 2018 C) Bullish divergence forming D) price well below daily Kijun and reaction imminent.
That’s all for now.
Join us on the Facebook Group and we’ll get a few conversations going over there.
Happy trading,
Michael
