Bitcoin: A failure to reach $51k will break the Bitcoin Cycle
Hello traders! Bitcoin is in a crucial stage of the Bitcoin Cycle(read my post about it, link below). I will explain why, and how it will affect the prices of Bitcoin in the next coming days.
If you are new to my TradingView account, The Bitcoin cycle interestingly calls a top every 53 3-hour candles, or 6 days and 15 hours. Every 53 periods, the chart forms a support/resistance horizontal line(green in the diagram). I also will add something part of the Bitcoin cycle that the angles from top to top are almost always about 18 degrees.
Based on the 18 degrees from top to top pattern, the price should reach 51k before the Bitcoin cycle calls another top. But there are key differences from other Bitcoin cycle pullback events:
1. This pullback lasted much longer and was the steepest pullback since the Bitcoin hype.
2. Because of number 1, it will take a tremendous bull force stronger than before to reach 51k levels. Before the Cycle calls a top.
3. Overall Market Sentiment tipped to the bears for the first time in the Bitcoin cycle because of the 10k pullback.
4. EffDI(my indicator, link below) plunged below 0 for the first time in months.
This would indeed be very hard to accomplish. But this pullback seems like every other Bitcoin cycle pullback. Just don't worry. Let us just see what will happen next. Will the bitcoin cycle live, or break? Tell me in the comments.
Thanks for reading! Don't forget to like and follow.
If you are new to my TradingView account, The Bitcoin cycle interestingly calls a top every 53 3-hour candles, or 6 days and 15 hours. Every 53 periods, the chart forms a support/resistance horizontal line(green in the diagram). I also will add something part of the Bitcoin cycle that the angles from top to top are almost always about 18 degrees.
Based on the 18 degrees from top to top pattern, the price should reach 51k before the Bitcoin cycle calls another top. But there are key differences from other Bitcoin cycle pullback events:
1. This pullback lasted much longer and was the steepest pullback since the Bitcoin hype.
2. Because of number 1, it will take a tremendous bull force stronger than before to reach 51k levels. Before the Cycle calls a top.
3. Overall Market Sentiment tipped to the bears for the first time in the Bitcoin cycle because of the 10k pullback.
4. EffDI(my indicator, link below) plunged below 0 for the first time in months.
This would indeed be very hard to accomplish. But this pullback seems like every other Bitcoin cycle pullback. Just don't worry. Let us just see what will happen next. Will the bitcoin cycle live, or break? Tell me in the comments.
Thanks for reading! Don't forget to like and follow.
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