Bitcoin Market: Are we finally back in accumulation?
Hi traders, Bitcoin could be showing early signs of accumulation
Bitcoin.
- The theory of market cycles tells us that the aptly named accumulation phase is the best time to invest in an asset:
- Accumulation is typically characterized by a general disinterest in the asset...
... and a flat, sideways price action which results on the market agreeing on a fair price for the asset and providing buy support for that price.
- So could it be that we're seeing the first early sign of accumulation in Bitcoin? Is $7700 a fair price for the asset or are we primed to break down from this multi-months bearish pennant to a lower value node:
- Ultimately, I believe the market needs to cool off and establish a floor for a prolonged period of time before we start climbing our way back up to previous all-time-high which I don't expect we'll reach until at least the end of the year.
What say you traders?
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I'm sitting on my hands and waiting for $3k. A fair price for me. 😂
I'd probably go YOLO on a dip buy if we get to this price haha!
I tend to agree. I would love to see another massive run later this year like we did at the end of 2017 though. That would be a nice Christmas present.
Me too @mazzle :) but I doubt it'll happen though, BTC is at a two-year-all-time low on Google Trends. Without new money entering the space, we'll keep going sideways or down.
Hmm that's interesting. A lot of the people I listen to on the topic are talking about a run in either direction given the period of consolidation that we're sitting in right now. I'm not sure what to believe. :(
Yeah, nobody really knows for sure to be honest. Personally I doubt we'll get a 2017-style bullrun anytime soon, the marketis technically bearish and lots of money has left. For me, crypto trading sideways for a few more months is the best outcome possible, we need to establish a strong, liquid floor at a fair price to launch the next bull run and I am fine if we are given the chance to accumulate everything at bottom of the barrel price.
Well I just put a few hundred into BTC for the time being. Will probably convert $100 to XRP and another $100 to EOS when the price dips a bit.
I think it's a good time to diversify a little personally. So I'll spread my holdings a little.
Wise decision, are you invested in anything else other than crypto @mazzle?
Just an investment property. Not enough liquid assets to make a big move into anything at this stage.
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