Bitcoin: Hurst Cycles - 18th October 2022
Bitcoin continues to grind sideways as smaller components bottom out in series. The patiently anticipated 18 month nominal low is very close, we explore what's next in this report
Our risk buy target of 24000 specified in the last report into Bitcoin was approached but not met, resistance at the 80 day FLD proved to be fleeting if at all, such is the nature of a bear market rally. What was consistent, however, was the accuracy of the trough timing, likely to be the 80 day nominal low anticipated in the late August report and shown below at the short term chart. The low likely occurred 7th September and was almost certaintly a low of at least 40 day magnitude.
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