Cycle Bottom Indicator [CBI] - Log Chart [UPDATE 04]
Quick update on the CBI.
So far this indicator has helped us to navigate the current cycle bottom pretty well.
For the current forecast to work out, the scenario I could see playing out is as follows:
* Bulls push price up to the daily order block to put in a decent Monthly Close. This would also keep the adjusted long growth curve model intact (shown as the light green zone in the chart).
* Bear push price back down early June. We put in a lower low on in price and a higher low in RSI on the daily, giving use our Bull Div (Bullish Divergence)
NOTE: I have built this indicator with the same tolerance as the CTI, Cycle Top Indicator (i.e. 3 days).
Potential Path is shown by the Purple Path arrow. From a Technical Analysis point of view, sweeping the lows into the supply zone of the 18th of June dump wick would make sense (as bears look to attack bull stops before going long themselves).
It is interesting to note the following at our current local bottom at ~USD$17,592K:
* Hit the S2 Pivot on the Daily
* Hit the M-Buy (Macro Buy on the Over Bought / Sold MAs indicator)
It is worth noting we hit the M-Buy oversold signal multiple times in December 2018 during the 2018 cycle bottom.
https://www.tradingview.com/chart/BTCUSD/wqulvPkG-BTC-Historic-Over-Bought-Sold-MAs/
Obviously we are tracking this indicator performance for entertainment purposes only. Risk management should be applied at all times with your investment strategy and no one input should be used when developing your investment decisions.
Good luck and stay safe.
So far this indicator has helped us to navigate the current cycle bottom pretty well.
For the current forecast to work out, the scenario I could see playing out is as follows:
* Bulls push price up to the daily order block to put in a decent Monthly Close. This would also keep the adjusted long growth curve model intact (shown as the light green zone in the chart).
* Bear push price back down early June. We put in a lower low on in price and a higher low in RSI on the daily, giving use our Bull Div (Bullish Divergence)
NOTE: I have built this indicator with the same tolerance as the CTI, Cycle Top Indicator (i.e. 3 days).
Potential Path is shown by the Purple Path arrow. From a Technical Analysis point of view, sweeping the lows into the supply zone of the 18th of June dump wick would make sense (as bears look to attack bull stops before going long themselves).
It is interesting to note the following at our current local bottom at ~USD$17,592K:
* Hit the S2 Pivot on the Daily
* Hit the M-Buy (Macro Buy on the Over Bought / Sold MAs indicator)
It is worth noting we hit the M-Buy oversold signal multiple times in December 2018 during the 2018 cycle bottom.
https://www.tradingview.com/chart/BTCUSD/wqulvPkG-BTC-Historic-Over-Bought-Sold-MAs/
Obviously we are tracking this indicator performance for entertainment purposes only. Risk management should be applied at all times with your investment strategy and no one input should be used when developing your investment decisions.
Good luck and stay safe.
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