Crypto Summary: At 30 weeks, Bitcoin’s Intermediate Cycle is getting quite long in the tooth but in Bull Markets, surprises often come to the upside. Witness Ethereum’s new ATH’s this week. I am holding my position for a potential breakout.
Bitcoin W.30 is bouncing out of TCL3 and is testing the W.26 ATH while forming a Bullish-looking Ascending Wedge. Based on Cycle Norms, a new cycle high should take place soon on or before Day 25. Time and the RSI divergence are a warning that the current move is likely weakening.
GBTC W.27 found support at its 10wma but must move above its W.20 high to remain Bullish for its longer Intermediate Cycle. I am expecting the price to follow Bitcoin’s lead so we shall see.
Ethereum W.28 has moved higher out of its Ascending Wedge and made new ATH’s this week, late in its Intermediate Cycle.
Bitcoin D.17 of Trading Cycle #4 (TC4) with a new high on Day 16. Price has regained the 10ma looks set to test its ATH soon.
GBTC D.10 of Trading Cycle #4 (TC4) is still lagging Bitcoin and needs to move above my resistance zone to follow Bitcoin higher.
Ethereum making new IC highs late in its cycle.