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Bitcoin Market Analysis – 22.07.2021

It looks to me as if Bitcoin has a new Cycle in play now after the long candle stopped a rollover into a deep below $28k, 24 hours ago. This is the first step to a possible trend reversal and the resumption of the 4-Year Cycle uptrend. The slight recovery in Bitcoin and altcoins shows there is aggressive buying at every dip, even though, pro traders still feel apprehensive.

From the cycle timing wise, what we have now, is a failed cycle low, indicating that the uptrend may take longer time to resume. We need to wait for this medium term declining cycle low to resolve itself.

I wouldn’t want to risk my fund until we take away the day-23 cycle high. That is the only way, I will buy any dip and expect any dominant uptrend. The same holding on and accumulating is playing out in all Altcoins, signaling that, we’re not yet in the right translated cycle, that could act as recovery catalysts, boosting the cryptocurrencies to rally further.

Looking at the BTC daily chart, the long green candle that formed yesturday indicates, we are holding on and accumulating but yet to pick bottom.

The non-capturing of the 10-day MA has shown that, we are in a cycle low which could lead us to two scenarios here-  a deep low of $20k if we lose the support level or a reversal trend that could launch us to a cycle high.

We need to see a clear reversal trend before leveraging on any meaningful trading. We are still in the downward trend until we take away the day-23 cycle high for any resumption of the upward trend.

Having not picked bottom yet, we are not going to see any dominant move before September that could lead to a right translated cycle.


Pic.1: The non-capturing of the 10-day MA has shown that, we are in a cycle low.

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

From the BTC weekly chart, we are in the 60-day cycle low. For the fact that the BTC price bounced-off from the key support of the 60-day cycle low, means there’s a possibility of an upward move soon to the peak of the 4-year cycle.

Unlike the daily chart, we could see the bottom in the weekly chart even though, it’s a failed cycle.

Pic.2: We could see the bottom in the weekly chart, indicating a possible uptrend soon. Source: bitcoin.live

Looking at the BTC monthly chart, the 4-year cycle is still intact, even though we have a cycle low. We still have a long way to reach the peak of the 4-year cycle.

In the 4-year cycle as seen from the monthly chart, we have had two outliner market moves and three bear market cyclical declines which is quite unique. We are going to see more consolidation and a building-up in couple of months to come, before any remarkable move of the final wave.
Let’s be patient with the market, so as to avoid making any rash decision that will may regret later.

Pic.3: The 4-year cycle is still intact, having had had two outliner market move and three bear market cyclical decline indicating a downtrend structure. 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