BITCOIN Disturbing Puell trend-line calling for Cycle top?
Bitcoin (BTCUSD) is trading within the 0.618 - 0.786 Fibonacci retracement levels which is the last Resistance Zone before it typically attempts a test of the All Time High (ATH) on each Bull Cycle. We have seen on previous analyses how the RSI is showing that this is a possible Mid-Cycle Resistance level where pull-backs towards the 1W MA50 (blue trend-line) occur.
** The Puell Multiple **
This time we are looking into the Puell Multiple and we are no strangers to it as it is the indicator that helped us buy with no fear on June 28 2021 (see chart below) when it hit the 0.30 - 0.40 Support Zone:
** Two Mid-Cycle rejections **
Just as the RSI, the 1W Puell Multiple is approaching the 2.40 Resistance, which has historically caused 3 rejections (December 28 2015, June 20 2016, June 24 2019), the two latter being Mid-Cycle pull-backs (blue circles).
** Can it be a Cycle Top? **
This indicator however displays a very disturbing structure, having the price entering the Lower Highs Zone since the June 06 2011 High. This Zone has priced all previous Cycle Tops (June 06 2011, December 02 2013, December 18 2017 and March 15 2021).
** What is it this time? **
The question is, what kind of top is it this time? Mid-Cycle or Cycle High? Even though all other key indicators show it's the former, we shouldn't take this Puell signal lightly. Technically, as long as the 1W MA50 holds, there is room for at least one more High and practically this potential pull-back is a buy opportunity.
Will a potential ETF approval distort this cyclical pattern though? If not, what do you think, is this a Mid-Cycle top or full Cycle High? Feel free to let us know in the comments section below!
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** The Puell Multiple **
This time we are looking into the Puell Multiple and we are no strangers to it as it is the indicator that helped us buy with no fear on June 28 2021 (see chart below) when it hit the 0.30 - 0.40 Support Zone:
** Two Mid-Cycle rejections **
Just as the RSI, the 1W Puell Multiple is approaching the 2.40 Resistance, which has historically caused 3 rejections (December 28 2015, June 20 2016, June 24 2019), the two latter being Mid-Cycle pull-backs (blue circles).
** Can it be a Cycle Top? **
This indicator however displays a very disturbing structure, having the price entering the Lower Highs Zone since the June 06 2011 High. This Zone has priced all previous Cycle Tops (June 06 2011, December 02 2013, December 18 2017 and March 15 2021).
** What is it this time? **
The question is, what kind of top is it this time? Mid-Cycle or Cycle High? Even though all other key indicators show it's the former, we shouldn't take this Puell signal lightly. Technically, as long as the 1W MA50 holds, there is room for at least one more High and practically this potential pull-back is a buy opportunity.
Will a potential ETF approval distort this cyclical pattern though? If not, what do you think, is this a Mid-Cycle top or full Cycle High? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!