First of all let me just start of by saying there is absolutely no way I, or anybody else can predict the future of any market whatsoever with 100% certainty, so take anything I say with a grain of salt.
Now to address the elephant in the room: "is it finally safe to buy Bitcoin again?" Based on my analysis no, at least not just yet anyway. Although not impossible it is very much improbable that sometime this week, or even month Bitcoin will reach 20k or even change trend direction. There would need to be a huge price increase in a short amount of time proving to me that other traders, investors, banks and hedge funds are interested in seeing the price of Bitcoin rise again.
So the reason I wouldn't immediately rush to exchange a second mortgage for some Bitcoin on Coinbase right now is because I don't believe that the Bitcoin downtrend is over just yet. When the current bearish trend we are in starts to weaken and reverse, that will be the best opportunity to buy Bitcoin as long term investment.
The screenshot below is of BTC/USD on the 4 Hour timeframe. The label's 'A' to 'E' are there to outline the swings in the market, and from taking a look you can see that this market is currently bearish (in a downtrend) making lower lows and lower highs'. Right now it seems to be in the bullish phase of a bearish retracement.
As a day trader, I aim to make a few short term trades trades per week that would generally last no longer than 24 hours each, so you have to bare in mind that my analysis isn't really taking into account or planning for anything that may happen for more than two weeks into the future. With that being said, as it stands unless something extraordinary happens, I only plan to sell Bitcoin for this week. The thicker, red arrows indicate where I plan on entering and the tips of the longer red arrows show where I will be taking profits.
Why these levels? Simply put, these levels stand out to be because they both have resistive value as they both were good support levels at one time. If the market tests these levels, resists and fails to break through them then I will be very interested in shorting Bitcoin down to atleast $6000.
Now understandably you may feel utterly repulsed by me due to what I have said. You may even be slightly nauseated especially after maybe purchasing five Bitcoin's in the hopes of tripling your money by the time it gets back to being worth $20,000 a pop. I'm okay with that, and it was probably a good investment on your part, all this post implies is that you simply may have been able to get it cheaper, thus make more profit. I would hope that anyone who spends $41577.52 on Crypto has done their OWN research and analysis which they trust and they are prepared to potentially win a lot of money but also prepared potentially to lose it.
Any analysis posted on this channel is done by me, traded by me and is not to be considered financial advice.
This is my first post so would really appreciate any and all love and support.