An unexpected (as it usually happens in the market) correction broke the plans of bitcoin bulls.We're stillWe believe that this is not the collapse of Bitcoin, but justcorrection. Deep, but a correction. The publication dated May 22 discussed the possible depth of the correction and the zone where you can start buying Bitcoin. At the same time, it was noted that there are no signs of completion of the downward movement and there is no need to rush into opening positions, especially for speculative positions. Today we will try to answer the question of when to start buying.
Globally the situation has not changed and is stillremains within the downward correction of the long-term trend. The correction takes place in the form of a medium-term downward trend with a target at the support level of 40026. This goal was achieved, and exceeded, since the lower boundaries of the long-term (support level 34972) and main (support level 37148) trend channels were also tested. Then, as expected, the movement began in the range above the formed short-term support 29927.
On May 24, signs of a reversal began to formup the trend of the weekly cycle. And although the movement takes place within the weekly trend channel 29927-43402, this already gives grounds for purchases on the assumption that the correction is ending. At the time of printing the charts, another growth signal was formed along the trend of the weekly cycle, which can be used as a signal for opening longs and gradually building up a long position in Bitcoin, including during pullbacks.
Resistance Levels: 39866, 43402, 50804, 64810, 67959.
Support levels: 40026, 37148, 35824, 34972, 29927.
The analysis is based on indicators of the SWT method
