Bitcoin (BTCUSD) - 31st December 2024 | @ 734 Hours (~ 31 Days) | + 12.53%
Last trade: + 12.53% | 'B' class signal detected in Bitcoin (BTC/USD). Running at an average wavelength of 734 hours (~ 31 days) over 7 iterations since June 2024. Currently troughing
ΣL Cycle Summary
This excellent wave, defining the undulations within the larger trend over the last six months for Bitcoin (and other crypto/gold), moved serenely down from the peak of mid December. We now enter the time zone for the next trough iteration, bulls will be hoping for a retest of the recent highs. Keep an eye on price action around mid January, any sideways or more bearish shapes within the up leg of this component may signal a further move down into early February from this influential cycle. This is turn will then also indicate a larger component is turning down. Otherwise the trend is still bullish and this component can be used until such time as we lose power (price action correlation) at this frequency.
Finally, I would like to wish all readers and subscribers a very happy new year, 2025 is going to be a fascinating prospect!
Trade Update
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.
Type: Sell - Bitcoin 16th December 2024
Entry: 16th December 2024 @ 106899.81
Exit: 31st December 2024 @ 92810.69
Gain: 12.53%