Bitcoin Update
Will Bitcoin continue on an interesting cycle from the past?
Will Bitcoin repeat an interesting cycle from the past?
Any analysis during Mercury Rx (retrograde) is challenging. Mercury went Rx on September 27th until 18th October 2021.During this time often the sentiment may shift and causing whipsaws or cycle reversals in financial markets . Sometimes this can happen @ the beginning, midpoint or at going Direct again.
Now Mercury, together with the outer planets Jupiter, Saturn, Neptune and Pluto are all retrograde. This will probably have an effect on the financial markets when some of these planets turn Direct again later in October this year.
An interesting cycle in Bitcoin
I found an interesting cycle or similarity from 593 days ago (77% correlation) in current market activity suggesting Bitcoin may go lower during this Mer Rx period. I am not sure it will, or that we have a similar crash as we have little history and thus missing longer term cycles in Bitcoin.
I will not be surprised if we will close the GAP @ 24K at some point which is also @ Fib extension 123.6% extension level (probably @ a Wave C of some degree). Bitcoin earlier bounced several times on the 28800 level forming support (Saturn 4H black); if it holds this level this will be a clearer bullish sign longer term.
A close below 40800 in the coming weeks is a likely bearish continuation of the recent trend during this Mercury Rx period. Given the levels of support and resistance a close below 38400 is even more bearish sign. A close above 48000 is obviously bullish. We will see what the market will decide to do.
Planetary aspects
Beginning of October 3-8 I see both Venus and Mars in geo/helio longitude and Saturn in helio longitude all crossing the 24 lines on the 24 wheel. When price and longitude come together at these levels a cycle turn can be expected or a trend continuation may occur.
There are some other interesting planetary aspects, like Mer 90 Pluto, Mer 120 Jup, Venus 60 Pluto around early October, here shown above in geo longitude. This might be the time around this timeframe +- a week to be alert for volatile moves at end of cycles and as Mars is involved on the 24 line of the 24 wheel. However a cycle turn could easily happen after e.g. Saturn is going Direct around October 10th or even later when Jupiter and Mercury go direct around the 18th October 2021.
Sometimes with currencies (and Bitcoin is a special kind of monetary asset) you can see that during Mercury Rx the cycles can turn and the currency will then often close at about the same level as it started with when Mercury went retrograde; like whicj was happening in June this year. Jeanne Long wrote about this phenomenon in her book Universal Clock if you want to learn more on this.
Some caution with Bitcoin
Regulatory forces might restrict using Bitcoin as a digital currency going forward or make it illegal; like what is happening currently in China. If this spreads across the world this may be very bearish for Bitcoin. So take care a “Tulip Mania” can always happen again.
See disclaimer on charts. Disclosure: No positions in this equity at the time of writing.
Wondering if you have any update on BTC... Thanks!