Bitcoin and Gann's Square of 52 Reversal - Mirrored Foldback?
The image you are seeing is a rare (only because not many people use it) and old form of technical analysis from WD 0.07% 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 -5.56% . 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.
Jul 22
Trade active: Mirrored Foldback still showing signs of continuation.
Jul 22
Trade active: Mirrored foldback with the current 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.
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.
Jul 22
Trade active: Mirrored Foldback still showing signs of continuation.
Jul 22
Trade active: Mirrored foldback with the current 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.