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.