For the past couple of weeks, we've been playing with two scenario's for Bitcoin.
The first one claims the bottom of the last daily cycle was at the last green arrow (17 August), and the top at 29 August.
The second one challenged the first one by claiming the bottom was found at 11 September, meaning that the current cycle still had to find a top (which would be close to 32k).
In my opinion, the first scenario has been confirmed when the price failed to break the resistance line, creating a failed rally. The price has now returned back to support.
The more a support line gets hit, the weaker it becomes.
We're now at day 39 of the daily cycle. This means that we're nearing the end of the cycle. I believe that it will end in a volitle move to the downside.
The first one claims the bottom of the last daily cycle was at the last green arrow (17 August), and the top at 29 August.
The second one challenged the first one by claiming the bottom was found at 11 September, meaning that the current cycle still had to find a top (which would be close to 32k).
In my opinion, the first scenario has been confirmed when the price failed to break the resistance line, creating a failed rally. The price has now returned back to support.
The more a support line gets hit, the weaker it becomes.
We're now at day 39 of the daily cycle. This means that we're nearing the end of the cycle. I believe that it will end in a volitle move to the downside.
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