Time To Take Profit (BTC/USD)
Crypto moves in cycles. For example: Bitcoin happens to find a top each 4 years, meaning a complete Bitcoin cycle contains of roughly 208 weeks.
In those 208 Bitcoin goes up and down, creating smaller daily cycles. Bitcoins daily cycle consists of approximately 65 days. In the bull market, which I believe we are, The tops of those daily cycles are found past the halfway point of the daily cycle. This means that a top is liklely after 34 days of climbing.
We saw this in the previous cycle too. The cycle lasted for 70 days, on which the top was found at day 54. That cycle was right translated.
The current cycle is at day 38. We saw a shooting star candle at day 35. Meaning that it is likely that a short term top is in. In case Bitcoin goes higher, it is unlikely it will break all the resistances above so taking the risk for more gains on the short term does not make lots of sense.
Right now im short term bearish on Bitcoin. Note that the last green candle is an estimate of when a bottom can be found, not at what price.
In those 208 Bitcoin goes up and down, creating smaller daily cycles. Bitcoins daily cycle consists of approximately 65 days. In the bull market, which I believe we are, The tops of those daily cycles are found past the halfway point of the daily cycle. This means that a top is liklely after 34 days of climbing.
We saw this in the previous cycle too. The cycle lasted for 70 days, on which the top was found at day 54. That cycle was right translated.
The current cycle is at day 38. We saw a shooting star candle at day 35. Meaning that it is likely that a short term top is in. In case Bitcoin goes higher, it is unlikely it will break all the resistances above so taking the risk for more gains on the short term does not make lots of sense.
Right now im short term bearish on Bitcoin. Note that the last green candle is an estimate of when a bottom can be found, not at what price.
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