jumpr

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.

I'm keeping this simple: the current Bitcoin price is under the 2 Year Moving Average and the 3 Day RSI is showing oversold. In the past, the combination of both these factors indicated a good buying opportunity for the rest of the cycle. We can't know how much lower bitcoin will go, or how long it will stay at current levels, but I will be buying regularly again.So far so good, market is letting us buy under 30k. Let's see what the rest of the week brings...BTC price is slowly grinding down but buying under 29k has been good so far. I wouldn't be surprised if we hit mid-low 20s to refill the past wick. Hopefully, such a move would bring volume (panic sellers, stop losses getting hit, buyers to save the day) and mark a cycle bottom.Bitcoin has recently been ranging between 29K and 32K. I don't expect a strong breakout of the range to the upside, especially with the global economy being in its current state.It will be interesting to see how BTC reacts to SPY movement.Previous cycle highs have been tested and provided a great opportunity to buy. With the summer starting I except chop and sideways mostly; hopefully more buying opportunities!