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Short-Term Outlook Remains Bullish

Bitcoin is trading close to it's all time highs just above $60000. A look at the price cycle structure, suggests the coin has recently entered a new medium-term bull phase. Looking at the Hurst cycle approach, the key points to note are:

  • A new 20W(140D) cycle appears to have started Mar 25. This date therefore also marks the end of the previous 20W cycle.
  • If correct, it suggests that a fresh bullish wave is likely as the respective cycles play out during the first of two 80D cycles that will complete the current 20W phase.
  • Since Mar 25, two 10D cycles have reached their trough marking the end of the first 20D cycle. The current 20D cycle is rising and reinforces a short-term bullish theme.
  • Key near-term support to watch is at $55240.00, Apr 7 low and $50483.00 Mar 25 low. These levels highlight risk parameters for bulls. A break would signal a short-term reversal.
  • The current cycle positions is:
    • 10D - Rising
    • 20D - Rising
    • 40D - Rising
    • 80D - Rising
    • 20W - Rising