Two weeks ago we wrote Crypto Markets At Decision Point At The Start Of A New Cycle. On October 1st the market gave us the answer. The crypto market started the new cycle (Oct/Dec) with a strongly bullish bias. This suggests that BTC is going to undertake a serious attempt to go back to ATH. The million dollar question is whether former ATH will be cleared or not, and much (if not all) will depend on the chart pattern. As BTC will be working its way higher in this new cycle we are preparing our 2022 forecasts.
This is what we wrote 2 weeks ago:
The next few days, until approx. October 6th, will be about observing whether BTC will respect the 38k-40k area. This will help us understand if there is a bullish trend underway, a bearish trend or another flat trend for the next 3 months!
And this is what we wrote 1 week ago in Bitcoin Back Above Its 10 Year Channel Median:
The period June/July might qualify as a nice reversal whereas the current 3 month cycle (which started on Friday Oct 1st) might qualify as a continuation. More work is required, BTC must respect the 40k level (3 day closing basis) but most importantly the 48k-50k resistance area must be cleared. That’s really imperative, and it won’t be an easy task.
So what we essentially wrote is (a) there is a new cycle starting and the first days of a new cycle suggest the direction of the cycle (b) the key level to watch was first 40-42k followed by 48-50k.
You don’t need a PhD for all this but it remains striking how easily one can get caught up into narratives (both bullish and bearish), short term price changes (mostly meaningless), articles, gurus, and the likes.
In the end all we do is we combine accurate chart readings with discipline, and that’s the one and only formula that works when it comes to crypto investing.
With that said we want to feature today the cycle chart of BTC, leading indicator for crypto markets. It certainly is an impressive start of the new cycle, and our premium crypto members got the heads-up starting Sept 27th (with specific token tips that are doing well).
The big challenge now becomes if and how 57-59k will be cleared. It was impressive to see 50k being taken out pretty easily, but the last resistance level won’t be easy. Still, the reversal setup has some good power that may do the job. It will need some time but we wouldn’t exclude a successful outcome for BTC.
In the meantime we tipped a coin that has multi-bagger potential in yesterday’s crypto alert. Not known, under the radar, certainly not tipped by the guys that charge you insane amounts for a crypto service (20x more than InvestingHaven’s annual fee even though our readings and work are 20x more accurate). Probably that’s why it’s such a promising token.
