Bitcoin: Hurst Cycles - 30th June 2022
Main cryptocurrency collapses after sideways grind in early June. The majority of downside is now complete in the 18 month component. We look at the final stages and what is to come for crypto bulls
Price meandered sideways throughout late May and early June, outlined in the last report and indicative of further bearish price action to come. Once price had reached the 80 day FLD resistance around the 10th June an epic collapse ensued, approaching the aforementioned 18 month FLD target of 17507. More on that below in the trading strategy section.
The move down in this 18 month component is therefore, largely complete from a cyclical perspective. Any further moves past 17507 will imply a bearish underlying trend above the 18 month degree. The 18 month FLD peak (yellow on long term chart below) is directly above price here but we should expect a right translated trough in price, given the underlying bearish trend.
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