Blocksmith Says: BTC Downside Extends

9 November 2022

Since the publication of Monday’s Macro Outlook, which included Bitcoin, there has been significant event risk in crypto, which has had an impact on the analysis. in Monday’s view we had a downside projection of US$19,500 due this week at the 20 day cycle trough.  

Then we were anticipating a recovery rally. Yesterday price sliced through this previous target, so the original note had you on the right side of the market at least, but the 40 day FLD (forming limit diagram) cross has generated a new downside target of US$17,340. The arrows on the chart describe a potential roadmap and the big aiming point time wise is the next 80 day cycle trough in early December and likely around the new price target. 

Previous note’s downside view now extending. 80 day cycle trough not due until first week of December below US$17,500.

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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