BTCUSD Bitcoin - A look at shorter term cycles.
Updated
Bitcoin and the crypto market have really been hit hard. Who knows how long this will last? We can get a good clue by looking at the shorter cycles. Please check my previous ideas on BTC cycles. I said in my previous idea that the 30-day half cycle (bearish portion) ends June 5. Yet, the price has gone lower. As I also said, the bottom or high points don't always occur at the same time of an individual cycle. This is because there are many other cycles going on as well.
This is a view of the 30 day half cycles (60 day whole cycle) with a shorter cycle view as well. If my calculations for the shorter cycle are correct, then we are very likely at or near the bottom in the crypto market for now.
It is true that BTC has fallen below an important rising trendline. That is a negative indicator, and good to keep in mind, but should not be the only factor here. Remember that whenever you hit a market bottom, it occurs after breaking down through some type of rising trendline.
So, I expect we should see some growth in the crypto market until around the first or second week of July.
Keep in mind that on the very long term time frame, we are in a correction phase of the crypto market still. That isn't to say that we won't have some shorter term growth though.
And if we look at the entire history of Bitcoin, we are still in a strong growth trend from that perspective.
This is not advice to buy or to sell. You should do your own research and make your own investment decisions.
If you like the idea, please click like! Please feel free to give any comments.
Please see my previous idea at;
This is a view of the 30 day half cycles (60 day whole cycle) with a shorter cycle view as well. If my calculations for the shorter cycle are correct, then we are very likely at or near the bottom in the crypto market for now.
It is true that BTC has fallen below an important rising trendline. That is a negative indicator, and good to keep in mind, but should not be the only factor here. Remember that whenever you hit a market bottom, it occurs after breaking down through some type of rising trendline.
So, I expect we should see some growth in the crypto market until around the first or second week of July.
Keep in mind that on the very long term time frame, we are in a correction phase of the crypto market still. That isn't to say that we won't have some shorter term growth though.
And if we look at the entire history of Bitcoin, we are still in a strong growth trend from that perspective.
This is not advice to buy or to sell. You should do your own research and make your own investment decisions.
If you like the idea, please click like! Please feel free to give any comments.
Please see my previous idea at;
Note
As I said in my previous idea update. I suspect we should find the short term bottom between June 12-15. It is hard to pinpoint exactly what day ahead of time. It is up to you if you want to try actually buying on the low. And at the rate it has been falling, it potentially can fall a lot by June 15. I think there is a moderate level of risk for buying crypto now due to the longer-term downtrend. But if you were going to buy, it is much better to buy at these possible low points than when it seems to be performing well.Note
I am going to venture a guess based on the short term cycles that I see. We hit the next shorter term red line on June 21. So, I am going to look for a test of the the trendline (Around $7300) as resistance by June 21. Possibly testing the downward trendline by the first week of July - which is around $8400. These cycles cannot tell me for certain what the price will go to, so it is a guess BASED on the cycles. Not advice to buy or sell. Let's see how this turns out.Note
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