Bitcoin: Hurst Cycles - 26th July 2022
The 40 day component low looks to have formed mid July and with it the possible 20 week nominal low. We look at what is to come for the Bitcoin price over the next month and beyond.
Price made a low of at least 40 day magnitude on the 13th of July, subsequently moving upwards and confirming, via a cross of the 80 day VTL (blue on medium term chart below) a 20 week nominal low. This was covered in our last report into Bitcoin on the 30th June, where we anticipated the 40 day nominal low and looked at the placement of the 20 week nominal low:
From 30th June Report
at the medium term and in common with equity markets it is once again helpful to draw the 80 day downward VTL (blue on all charts). This will confirm the low of 20 week magnitude has occurred either in mid July as phased or, the lower probability alternative, at the previous 40 day low on 18th June.
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