The current daily cycle is almost complete. It has failed and will likely be left translated.
I cannot tell if this is the end of the intermediate cycle or the first daily cycle in a new intermediate cycle. The Bitfinex price chart indicates the former since the green "ICL?" indicator was not a failed cycle. I am not sure if I can trust the pricing data in this instrument.
A swing low followed by a break of the cycle downtrend line is a potential entry point.
I don't think I will take a swing at this.
I cannot tell if this is the end of the intermediate cycle or the first daily cycle in a new intermediate cycle. The Bitfinex price chart indicates the former since the green "ICL?" indicator was not a failed cycle. I am not sure if I can trust the pricing data in this instrument.
A swing low followed by a break of the cycle downtrend line is a potential entry point.
I don't think I will take a swing at this.
Note
Swing low in place. The new daily cycle is not confirmed until the cycle downtrend line is broken. I am not sure if there will be much upside left once that happens.Note
A new daily cycle was confirmed yesterday 2018-04-11. We are now 11 days into this cycle. If the cycle is at least center translated, then there should be another 20 trading days with upward bias. I am still on the sidelines.Note
By my count there are so far two left translated daily cycles. I think the current cycle will need to fail and drop below the last ICL low before there can be any aggressive move up (if there is another aggressive move up.)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.