Bitcoin first green candle in Weekly chart

Finally, we have the first green weekly candle in 10 weeks. It interrupted nine weeks of falling.

Like last Monday, the day starts with a green impulse candle. Remember that such sharp movements correlate with the emotions of traders in the current phase of the market. For example, look at what's left of last week's momentum. Do not rush to jump into the market if it is a medium or short-term trade. It is worth waiting for the price fixation above the $32,500 level to confirm some local reversal.

The prices for long-term investment are attractive if you look more globally now. Judging by the SOPR (Spent Output Profit Ratio) metric, the level of the capitulation of long-term BTC holders is entering the extremum zone. When it was in this zone, the formation of the cycle bottom usually began based on experience.

It does not mean that we should start growing from the current prices. On the contrary, we can go even lower, but this indicator suggests that the long-term bottom may already be somewhere nearby, and its formation can take more than one or two months. It is worth being patient. We recommend the DCA (Dollar-cost averaging) strategy for investing. It is a strategy where an investor invests a total sum of money in small increments step-by-step (over time) instead of all at once. The goal is to take advantage of market downturns without risking too much capital at any given time.

Best regards,
EXCAVO

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