Cycle is one of the best tools in a bull market. It’s interesting to note that, we now have 4 cycles (as indicated with a blue spot in the diagram below), an absolute definition of a good trend.

Fig.1 Bitcoin: 4 cycles consolidating the bull market
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

Don’t allow the bull day’s peak from $12,300 to $13,200 influence your emotion to sell at this point. Keep it on check as we still have a long way to go in the bullish market. Don’t be afraid of few pull backs, stick with your long strategy and you will be fine.

We’re in day-44 of the last cycle count, with a decent volume high and above range board. There’s no reason we could not get to day-49 high. I probably do see the price exceed the big cluster of $13,200 mark. The big cluster horizon could form a resistance level at that point, holding from where it started since late September. I expect traders to move your trading stop loss a little above $11.680.

Fig.2 Bitcoin: Stop loss should be moved a little above $11.680 Source: bitcoin.live

There will be a time where the market will be way above the range board and it will make sense to take your decent profit ($14,200-$14,500) at that time. We’re not yet at that point as we can see from the chart below.

Fig.3 Bitcoin: more appropriate to take profit at $14,200-$14,500 for short term trading. Source:bitcoin.live

Looking at the weekly chart, beautiful price actions as we’re positioned for more bullish candle upward movement as the momentum is still very high. See the chart below.

Fig.4 Bitcoin: more bullish candle upward movement Source: bitcoin.live

Bitcoin (BTC) price broke upward in the 2nd half of October, resulting in a rally from $11,500 to $11,900 highest weekly close which was critical for the latest bullish momentum.

However, sustaining the new support area at $12,000 is a must for the bullish case to hold weight, making a test of the upper range at $13,200 increasingly likely.

Breaking out $13,200 may see a massive bullish move that is likely to push up values across the entire crypto market.

🔴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