The image you are seeing is a rare (only because not many people use it) and old form of technical analysis from WD Gann's work: the Square of 52. The Square of 52 is a 52 week time cycle that begins at an important high or low, in this case the all time high of Bitcoin. What we have here is the exact center being traded, and it's at the bottom of a downtrend.
More than that, the mid point in the time cycle of the Square is also a 180-day Gann cycle. According to Gann, the 180-day cycle has these behaviors:
180 Day Cycle
Is the next most powerful cycle after 90 High probability of support or resistance 180 days up or down will usually start a countertrend movement or reverse the trend 180 days from all significant highs or lows must be watched for trend changes Against extreme momentum and/or pitch, can go 192 days. What we may observe is what the great analyst Michael S. Jenkins called a 'Mirrored Foldback'. If it doesn't trade it in structure, then it would trade it in shape, in this case the triangle. A foldback is a mirrored move in the structure that repeats its prior move. This is not an anamoly of the market, but a constant that we can see throught past price history.
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Mirrored Foldback still showing signs of continuation.
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Mirrored foldback with the current price action
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Financial Astrology Dates associated with most recent price action.
August 7th - Sun Square Jupiter Red Vertical - August 23rd - Admetos Square Sun Blue Vertical - August 24th - Uranus AND Saturn Trine Sun Mars exits its retrograde cycle.
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After the monster drop, Bitcoin falls right inline with the Mirrored Foldback Pattern, this just created the swing low - we should observe some days of rising but choppy trades before the next massive blow out move beyond the most recent swing high in the 7400 value area.
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1. Gann arc acting as a support zone. 2. Long-term uptrend line below, alons with short term trend line. 3. New Moon phase started September 9th. 4. Pivot it in time on the 14th, well within the zone for a reversal based on that cycle.
Im only starting to get into the astrology side of things , however I know sweet FA about astrology. I have seen evidence of it working and it really intrigues me into investigation.
TreeTruffle
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curious if it'll play out. Man, if you dropped some astrology in it then I'd place some greater weight on the chart.... but i've wondered about a possible turning point....
itsjustanalysis
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@TreeTruffle, Oh, there's plenty of astrology, Ill update this
TreeTruffle
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@captainquenta, I'm already drooling but speak to me in planets ^_^
itsjustanalysis
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@TreeTruffle, ha, I will! but speaking of drooling my wife is making supper (I work as a trader from home and I usually cook, so this is kind of nice to sit here on the couch!), after that, Ill plop in some astro