All looking great here as the rally continues, still respecting the 10 day MA which is fairly steep. Nothing is too extreme, it’s telling us that, this run will still continue as it’s being an impressive turn-out of event for BTC. From the cycle timing wise, we are expecting a likelihood of a pull-back of at-least 20 day MA or beyond. Even though we had little drop of 500$ over the last 24hrs, we still have above 10 day MA of bull stretch. When a trend gets to this kind of rally mode, ignore the cycle counts run and flow with the trend.

Fig.1.Bitcoin: A $500 dip over the last 24 hours.

Source: Paid Content by Peter Brendt and his partners at bitcoin.live

We have a sizeable profit position right now, even though, the cycle count is suggesting a possible pull back- looking at the tight trailing in the last 24 hours. There’s a possibility of another surge to take the bull market to $17,700-18,000 without any temporary draw back.

Fig.2. Bitcoin: A possibility of a 17,700-18,000 surge without any temporary reversal. Source: bitcoin.live

I’m foreseeing 3 day trailing rule here, using a low from 3 candles back to 15200 mark as the pull-back destination. A correction may be in order as euphoria is setting in. You just have raise the support level from 14,700 to 15200 and move your trading stop loss to that level.

Fig.3. Bitcoin: Move your support level and trading stop loss to 15200. Source: bitcoin.live

I foresee a decent move from a pull-back to an all-time high. In a bull market, you have flow with the trend and cash-in big time. Don’t be afraid of few pull backs, stick with your long strategy and you will be fine.

Looking at the weekly chart, BTC has been rallying for two months now, having the price action above the cycle high. We have pretty nice price actions as we’re positioned for more bullish candle movement as the momentum is still very high. Don’t panic, in a moving market like this, people can’t handle gains for the fear of losing out the sizeable profits made so far. This is something every trader needs to deal with. We still have a long way to go in this bull market.


Fig.4. Bitcoin: The momentum is still very high from the weekly chart. Source: bitcoin.live

From the monthly chart, you see the candle popping up, showing that, we’re not yet done with bull market. We could see a 4 year cycle high from now, I don’t want you to mess around this.


Fig.5. Bitcoin: The candle still popping-up, showing an upward movement. Source: bitcoin.live

 

🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service


🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service