ΣL Bitcoin Composite - 22nd August 2024 | @ 86 Days
'B' class signal detected in Sigma-L Bitcoin Composite (BTC vs USD/EUR/GBP). Average wavelength of 86 days over 14 iterations since April 2021. Currently peaking
ΣL Cycle Summary
The most recent price low of this particular cycle likely occurred around the 5th July, well within the trough range and frequency modulation margin of error for that low. Subsequently price surged to test the highs around $72k (BTCUSD) but failed to close above, moving sharply down and wicking past the 80 day nominal low (~ $53k) previously mentioned. This is a bearish omen for the current cycle iteration and we have seen a choppy retrace back up over the last few weeks, probably moving to form the latest peak (which will be a lower high) of this wave. The next trough is due mid October and an obvious first price target is the daily wick low around $49k.