Bitcoin Cycles: Cycle Lows 2/1 Part
In the next few analyzes, I will focus on bitcoin cycles. I move from the bottom up, so I start with the bottoms.
Common Cycle Lows:
Each chart on the graph is set to a weekly closing price, so a closing price was also given for the bottom of the 2017 cycle which was $ 3183.
I cut out the existing time planes from the bottom of the previous 2011 to the peak of 2013, and from the bottom of 2015 to the peak of 2017, and fitted it along the bottoms to the bottom of 2018. This point is marked by the black circle, with a price of $ 3,193 at the time.
Then, based on this price, I started multiplying, i.e. I multiplied the result by 2 all right. That's how I got multiples of the $ 3,193 price. On the graph, the 2x, 4x, 8, x…, series, and the corresponding horizontal line indicate the exact price.
Analysis:
Several interesting things can be observed on the graph. These multiples can act as resistance as well as support. There are unsuccessful attempts to break through the resistance, but it will break through in a short time and achieve another “multiple” increase.
The very first bull run, marked in burgundy, had a resistance at 64x.
The second bull run, marked in orange, had a resistance at 32x.
The current bull thread, marked in blue, has a similar resistance at 16x.
If we can believe the movements of the past, then at least the 32x region should be reached. That would be approximately 100K.
As the current (blue) movement is clearly more intense than the orange movement in 2015-2017, it suggests that the region above 64x may become available again. Here we are talking about a price of 200K or more.
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Non-financial advice. There is a risk and loss in trading with cryptocurrencies.
Translated with: Google Translator
Peace
The-Line
Common Cycle Lows:
Each chart on the graph is set to a weekly closing price, so a closing price was also given for the bottom of the 2017 cycle which was $ 3183.
I cut out the existing time planes from the bottom of the previous 2011 to the peak of 2013, and from the bottom of 2015 to the peak of 2017, and fitted it along the bottoms to the bottom of 2018. This point is marked by the black circle, with a price of $ 3,193 at the time.
Then, based on this price, I started multiplying, i.e. I multiplied the result by 2 all right. That's how I got multiples of the $ 3,193 price. On the graph, the 2x, 4x, 8, x…, series, and the corresponding horizontal line indicate the exact price.
Analysis:
Several interesting things can be observed on the graph. These multiples can act as resistance as well as support. There are unsuccessful attempts to break through the resistance, but it will break through in a short time and achieve another “multiple” increase.
The very first bull run, marked in burgundy, had a resistance at 64x.
The second bull run, marked in orange, had a resistance at 32x.
The current bull thread, marked in blue, has a similar resistance at 16x.
If we can believe the movements of the past, then at least the 32x region should be reached. That would be approximately 100K.
As the current (blue) movement is clearly more intense than the orange movement in 2015-2017, it suggests that the region above 64x may become available again. Here we are talking about a price of 200K or more.
If you liked the analysis, click on a liking and subscribe to be informed about future analyzes and updates.
Non-financial advice. There is a risk and loss in trading with cryptocurrencies.
Translated with: Google Translator
Peace
The-Line
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