Bitcoin is consolidating in the same range for last 2 months, Are you still buying the Dip?

For more than 60 days now, bitcoin is consolidating in a particular range which is actually a good thing for the market. There are two reasons why I or any other person might see this as a positive thing, firstly the consolidating range here is the recent all time high of bitcoin which is a positive thing for the market and also as market has been like this for two months also tells us that there is a buying pressure on bitcoin which is preventing bitcoin to dump further. It is the reason why bitcoin dominance is increasing for last few months now.

Let us have a look at this consolidation zone below.

I have measured the time for the portion when bitcoin was not in this range and it came out that it was only three days of time when bitcoin was out of this zone. So in more than two months of time the zone I am talking about looks quite strong and hence we know how bitcoin is being bought whenever it is going below that range in big amounts. I have zoomed the chart for last 1 day to show that we are still above the line drawn in the screenshot above.

For now the best advice I can give is to simply hold on to your tokens, if you researched well and you bought some good coins then you should not panic. The market is eliminating weak players and I hardly listen anyone talking about buying the dip. At this point the investors are made to believe that the top was already hit when bitcoin was above $72k. If you are still holding than that is really a achievement as you are among the few percentage of people right now.

So do you still have money to buy the dip? Well, if not then simply hold on to your investment. I think by now majority of the people must have already injected their entire money into the market.

Thank you

Posted Using InLeo Alpha