Bitcoin (BTCUSD) - 14th January 2025 | @ 709 Hours (~ 29 Days) | + 3.77%
Last trade: + 3.77% | 'B' class signal detected in Bitcoin (BTC/USD). Running at an average wavelength of 709 hours (~ 29 days) over 7 iterations since June 2024. Currently peaking
ΣL Cycle Summary
This prominent wave has consolidated since the last low, late in December 2024. We now have a general sideways move since late November with two components at wavelengths below 1000 hours defining the price action. The first is the aforementioned and the subject of this report. The second is a higher frequency wave that has been bullying price around somewhat within the consolidation and runs at around 280 hours average wavelength. This smaller feature has some mild modulation and has really only been influential to price action over the last month or so but is worth noting. The larger and more powerful wave is now due to peak. A further consolidation or even slight upward move to the next trough at the end of January would be highly bullish and indicative of a larger cycle’s influence. Another test of the lows around $90k - not quite so bullish.
Trade Update
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.
Type: Buy - Bitcoin 31st December 2024
Entry: 31st December 2024 @ 93354.22
Exit: 14th January 2024 @ 96877.92
Gain: 3.77%