Bitcoin & Ethereum Report 1st August 2020

BITCOIN Primary & Weekly Cycles

Minimum Move on #Bitcoin is to 11824

We've seen in the past that the start of the next month we could see a move downward starting next week back towards the August level at 9934. (Support)

However, I think this is different and it's following the move on Ethereum and continuing higher towards $13529 (Yearly Highs)

Ethereum Primary & Weekly Cycles

Target $369-72

Around those highs we could see sellers appearing trying to push it back down into $300 Support

However, if Bitcoin continues higher, the Ethereum will be moving towards the August highs - 2 wave pattern and exit.

BITCOIN - ETHEREUM CRYPTO REPORT 26th July 2020

BITCOIN PRIMARY & Weekly Cycles 

BITCOIN Primary Cycles Bullish above 8225 and once back above the Monthly 50% level at 9433 Bulls are back in control.

Two patterns in play - 

1. Stalls around July highs 9858 - 10202 and moves back down into 9357 (Yellow)

2. Trends up into 10976 - remains above 9858 - 10202 and continues higher in August towards the 2020 highs at  $13529.

ETHEREUM

Same pattern as BITCOIN, once back above the Monthly 50% level at $231 it's kicking higher and

up  into $372.

Support remains the the trailing Weekly 50% levels before it gets to that level.

If it hits $372 by the end of this week, it's likely to move higher early in August to hit the double top wave pattern (August highs)  Take profits.

There after...

Consolidates above the 2020 highs and continues to trend higher into 2021 highs

Therefore we want to be looking for move buying ops on any dips.

BITCOIN REPORT 20th July 2020

BITCOIN PRIMARY CYCLES

BITCOIN is above the Yearly 50% level at 8225, therefore the Primary Cycles remain bullish

Secondary Cycles are bearish, whilst below 9357 the trend bias is down, however we haven't seen the same sell-off as March, therefore the Sellers aren't in control.

The Secondary Cycles are now catching up with Price (blue 9507).

There is now two possible patterns.

1.

These same channels start to push the trend downward, starting from next week and into the AUGUST LOWS (same as September - October 2019)

2.

This week continues up into 9507 but stalls, then next week the same level will drop below Price and the next up trend begins from next week, as seen in April and December 2019.

There were a lot of ALT-COINS that were showing weakness two weeks ago, but they are back into showing bullish patterns

BITCOIN REPORT 12TH JULY 2020

BITCON PRIMARY CYCLES

We have seen 8846 support price (BUY YELLOW) and move up to 9357 and stall.

This is a very similar pattern as February/March, and this week has the potential to follow a similar pattern.

We never know the outcome of any trade, all we can do is position ourselves to potentially maximise for what may follow using TIME, PRICE, SUPPORT, RESISTANCE.

 PRIMARY CYCLES  BULLISH - above 8225 

SECONDARY CYCLES NOW BEARISH - whilst below 9357-9443

Until #Bitcoin moves above 9357/9443 my view is down into higher timeframe support levels

3 potential patterns that may play out.

A. Starts to move down from next week into 8684 - 8225 and  then continues to remain range bound for a number of months

B. Moves down as far as 7695, but then moves into another sideways pattern

C. Dramatic sell-off into 5676 bounces but makes a further lower low in August before a major counter-trend upwards.

I have no idea, which one will play out, all I know is, I have a bias of down and if shorting resistance or breaks of support in the intra-day cycles I would hold longer than normal.

Positions can be managed using the intra-day cycles, i.e. take profits, add positions, run stop losses, counter-trends/swing for day traders.

My view is that #BTC needs to go down before it can go higher. HODLERS now have levels to add positions for long term.