The drop in bitcoin shows the fund movement into other asset classes such as commodities, stocks where it will continue to rise. However, with the macro economic view where inflation are going to get higher overtime. We believe that institution will position themselves in bitcoin to diversify its investment holding as we have seen the growing trend in company investment profile.
Overall bitcoin still establish a Bullish trend. A good buy zone is around 34,800 at the end the other end of the trendline. Building position at 34,800 is a relatively safe area. However, that does not mean will be the reversal point till a price movement has been exhausted, ie the candle on the higher time frame gets tighter or reversal candle starts to form in the weekly/monthly chart
Overall bitcoin still establish a Bullish trend. A good buy zone is around 34,800 at the end the other end of the trendline. Building position at 34,800 is a relatively safe area. However, that does not mean will be the reversal point till a price movement has been exhausted, ie the candle on the higher time frame gets tighter or reversal candle starts to form in the weekly/monthly chart