Bitcoin Update: X Marks The Spot!

This is the cash chart which only gets updated during the day. (BGY00) It also produces different wave patterns that are not the same as the actual April contract. The next available contract month is May and it has so little interest that it’s not worth posting.  I tried something different this time as I applied a custom moving average as 25 day and 100 day averages. This produces a quicker “Death Cross” or “Golden Cross”. We just had a golden cross just a few days from the unknown bottom, which is marketed “X”. Jokingly, “X” = “I don’t have a clue”. In this case X marks the spot to the start of a new wave count.

So far it works as a diagonal, but a pretty clean one I label with a 5 wave run in Minuette degree. There still is upside left, but we start running into resistance again at the $9000 price level, with the big resistance line at just below the $12,000 price level.  Sure, volume in the entire Crpto world has improved dramatically, but it can also be the smart money selling to the gullable dumb money.

The bearish history of Bitcoins is relatively short, and if the bigger trend is still down, then this run must end. This would only be one move, but we need three moves  to help confirm a bear market rally.   We do have  a huge double bottom from the February bottom,  and if you like, we can even draw a falling wedge. If this wedge means anything I would be surprised.

The total Crypto market cap has improved by about $100 billion, but still down close to $500 billion since the peak of the good times in December 2017.

We are getting close to finishing a 4 month bearish phase that the majority thinks is  just a correction in a bull market. Bear markets and even bear market rallies are not over in a few short months but can last many years.

My Bitcoin updates will be once a week unless I see some potential dramatic move being setup.

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