Not sure if anyone has been following Bitcoin lately but tracking the Price and Volume action over the last 6 months has been fascinating.
Here are some charts (one and two year charts of GBTC, (the BitCoin Trust) along with some other links. Sure looks like the recent Parabola cracked late last week so based on the chart, we may see a buying opportunity once RSI drops to the 40s or 30s…
Lets get a discussion going. What do you know about BitCoin? Any other symbols that you know of that can be tracked and charted? Please use the comments section.
Here is a quick and dirty analysis of a 2 year Weekly chart of GBTC that shows it seems to have a 5-6 month Intermediate Cycle just like everything else I track. Note that out of the last Yearly Cycle Low (YCL) in Aug 2015, I show three Intermediate Cycles that vary in length between 21 to 31 months, with tops in weeks 15-21.
If I am correct that the break in the Parabola (see the 1st of my two charts below) last week is the top of the current Intermediate Cycle, then this would be the earliest top we have seen in any of the Intermediate Cycles since the last YCL. Again, if I am correct and cycles to apply to BitCoin, then it would seem that we should now expect 7-17 weeks or so of downside price action.
If so, it will be interesting to see if the 62% Fib retrace level will hold at the next Intermediate Cycle Low.
