Technical analysis by jumpr about Symbol BTC: Buy recommendation (7/24/2022)

Following my first plan to start Dollar Cost Averaging Bitcoin again (see below)We now have a Cycle low signal printed on BTCUSD. This signal has been significant during the past two cycles and I do not expect this time to be different.It will be interesting to see how the macro environment plays in this case, as it is Bitcoin's first cycle within a major economic downturn.GLHFBTC has reclaimed the 200W, all buys since June 2022 are now in profit. The global economy is cautiously optimistic about the future. I don't believe that it's necessarily smooth sailing from here as the political landscape surounding cryptocurrency in North Amerca seems uncertain but I remain bullish in the long run.GLHFBTC has been flirting with its ATH in the past weeks, without a definitive break into price discovery. Although I remain bullish, one would be ill advised not to take some profits after such a run. The highest priced buy would have been just shy of 30 000$, with many possibilities to buy lower.Although my usual action would be to "do nothing", I believe we are seeing mania in meme coins. Phantom is, as of today, the #1 finance app on Google Play, with mainstream celebrities being tied into coin creation.Bitcoin will go higher, perhaps it might just need a little break.GLHFI am disliking bitcoin's price action at the moment. As I am having difficulties reading the market, I believe this is a good time to fully close this position and secure profits. I somewhat anticipate a repeat of the July-March 2019 trend, but only time will tell.