Good evening guys…
So on the principle of the cycles with bitcoin…
The image above is showing us the possiblity for bitcoin to complete a full cycle on the 1hr time frame…
Given that the strength of bitcoin lately has been very good, we are anticipating a rise level 2 to the upside…
Now this is for my swing traders…Allocate the risk that you are comfortable with.
Remember the structure we have can trade all the way down to the first leg of the W which sits at 17629.
Now this image is for you to understand how a cycle develops…
The boxes are assumed areas of consolidation…We want the current box area to break out and retrace and continue up…
Whilst this cycle is playing out, we would want the moving averages to align up and show momentum to the upside…
You want to see the 50 not facing so sharply to the upside but at a decent angle.
Let’s see how this one plays out…
Trade with caution guys…Anything can happen…
Mad Love
T
