BTC began its current move up on Dec 11, which is where I began this trendline of major support. Since this date BTC has closed only three daily candles below this line, and after some congestion around this line at the end of Jan, since Feb 2 BTC has not closed below it. Note the important touches and support on Feb 28, Mar 25/26 and finally on April 7/8, after which BTC broke out.
I would expect this line to provide continued support on BTC's upward trajectory during this cycle.
Separately, the pi cycle crossing should occur tomorrow (green and gold lines), but I expect this indicator will be invalidated or that there will be multiple crosses.
c@John_carew, Thanks, gonna be quite a week given the Coinbase IPO and all the major banks reporting earnings. I wonder what the banks will have to say about BTC, esp since GS and MS have already begun offering the product to their clients.
Helical_Trades
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I like the way that Pi cycle is going to make huge a panic in the market.
Also I saw your article about Pi cycle.
How ever continuation for Bulls is confirmed already...
Thanks for your detailed idea about BTC !
SIGPokerKing
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@Helical_Trades, I wouldn't be expecting a huge panic unless share rise exponentially over the next few days.
consciousBusta32600
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I have been wondering about the pi cycle becoming invalidated. I am also wondering how many people are using it and if it could create panic in the market thus validating itself in an otherwise invalid setup ?