Macro Outlook Update: Bitcoin - 8 August 2023

Analysis & Learning Aug 8, 2023

You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology

Bitcoin - rallying in new 40 day cycle.

Looking up towards 20 and then 40 day cycle peaks
The big low in mid June was a 40 week cycle trough, which has a lot of power behind it. Price rallied steeply into mid July and has been ambling lower in a consolidation since then. In the last note we called for a 40 day cycle trough and this looks to be in place, which means that a new 40 day cycle is rising. We are clearing the 20 day FLD now and looking for a cross up of the 40 day FLD shortly. The upside projection boxes for both peaks are marked on the chart.

Christopher Grafton CMT

Chris has been involved in the markets for 20 years. He is the author of Mastering Hurst Cycle Analysis and is an experienced working technician. Chris holds the CMT qualification.