All looking great here, it’s being an impressive turn-out of event for BTC especially, the last candle yesterday that moved BTC from $14k to nearly $16k. It has been a week of high consolidation and high volume events.

Fig.1 Bitcoin: the last move from $14k to nearly $16k
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The move has exceeded my expectation by a significant amount. The astonishing upward move didn’t give any temporary draw back or tight trailing. Exciting 10 days of bull stretch.

Day 58 is very much extended from the cycle point with the last candle move. This implies, it’s going to form another cycle low, so, there will be a little pull back from the 2nd peak with high volume events. The diagram below indicates where the 2nd cycle low will be formed.

Fig.2 Bitcoin: The yellow two marks showing a full cycle which is quite significant. Source: bitcoin.live

I know people couldn’t handle the gains, it’s a well-known concept from the trading point of view -too much gains to bear. Fear of losing out the gains is something every trader needs to deal with, because this is a moving market. For those who cannot withstand a little pull back, taking profit at the point is acceptable.

This is day 58, we’re to take the full advantage of the BTC 60-Day Cycle where the rising trend could continue to $16500 -17k before making a dip. Cycle wise, from day 60, we are looking for a cycle low of next 5-10 trading days. This retracement could probably make 20MA to around $14k mark. It might be significant.

Fig.3 BTC 60-Day Cycle where the rising trend could continue to $16500 -17k before making a dip. Source: bitcoin.live

From September 8 ($9700), we have had 52% gain in one cycle. We should expect some sort of retracements of 2 steps forward and one step backward. The retracement might likely get to the former cycle high which is 20% pull-back. Reflecting back to 2016, it was the same scenario. It’s normal in every rising trend.

Fig.4 Bitcoin: the retracement might likely get to the former cycle high which is 20% pull-back. 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