BTC loves cyclic patterns: Short, mid and longterm views!!
In our analysis posted in January 2018 regarding BTC cycles, we forecasted a general retracement by first half of march.
This condition was accurately fullfilled, and it was also preceeded by a drop until the first week of february. Doing a follow up of this idea, we are now inside another 2-months cycle, which should take BTC to lows during the second week of May.
Moreover, we spot a locak peak approximately at the middle of each cycle. This means that we should see local highs by next week, before dropping again by May 15th.
The levels we could achieve can be 8500 zone or 7700, depending on the strength of the bullish wave (they are local fibos). The target of the overall drop could be placed at the 1.618 extension of this wave. ADX is weakening at each cycle, what means that trends are weaker and weaker. We may expect a drop to 5100-5300 level, which are previous supports/resistences.
In the long term we expect the start of another alts season by September, so we may see from May 15th one sideways cycle and a second one (starting in mid July approx.) which would end with a general climb.
This condition was accurately fullfilled, and it was also preceeded by a drop until the first week of february. Doing a follow up of this idea, we are now inside another 2-months cycle, which should take BTC to lows during the second week of May.
Moreover, we spot a locak peak approximately at the middle of each cycle. This means that we should see local highs by next week, before dropping again by May 15th.
The levels we could achieve can be 8500 zone or 7700, depending on the strength of the bullish wave (they are local fibos). The target of the overall drop could be placed at the 1.618 extension of this wave. ADX is weakening at each cycle, what means that trends are weaker and weaker. We may expect a drop to 5100-5300 level, which are previous supports/resistences.
In the long term we expect the start of another alts season by September, so we may see from May 15th one sideways cycle and a second one (starting in mid July approx.) which would end with a general climb.
Comment:
As expected we are seeing a dip at the end of this 2-months cycle, bottom may be around 7800 or even lower, in any case it will start another bullrun from 20-21st may.