This is the best region to buy back bitcoin

8月5日

With the significant market downturn, I decided to sell the remaining bitcoins I still had, suffering one of the worst losses I've ever experienced. I found it too risky to wait for a pullback given the current scenario.

The last hope is for this downward channel to hold the drop, but this is becoming increasingly unlikely. The next support level is in the 43,200 region.

We might be facing a decline similar to what happened during the pandemic when bitcoin fell by about 60%. Therefore, we might only be at the beginning (first impulse) of this drop.

What's happening?

Strong indications of an impending recession in the US have caused a domino effect worldwide, causing all markets to fall, including stocks, gold, and cryptocurrencies. Additionally, there are tensions of war in the Middle East.

Consider that strong movements provide us with good trading opportunities. I am waiting for a favorable region to buy again when the price falls around 60% from the all-time high, which is in the US$ 30,000 region. I have marked this area on the chart.

A repurchase above the current price will only be considered if the price climbs back above 58k.

Current portfolio: [100% USD]