At askSlim.com we are pure technical analysts – we let the “Charts” do the talking.
Our custom multiple-time-frame annotated charts deliver insights into directional bias, timing, and key price levels by utilizing our unique askSlim methodology that combines cycle analysis, momentum/trend studies, and swing high/swing low techniques.
This chart analysis of Bitcoin (BTC) was done as a part of our weekly Market Week show. The technical analysis for this article was originally published on 8/19/22.
In the past couple of weeks, there has been some swift price action in Bitcoin (BTC). This began with a rally to push above $25,000 that we once speculated may have been able to continue as high as $27,000. The move ultimately failed to break through resistance, and at the time of this writing BTC sits at $20,693.
When performing cycle analysis on Bitcoin, we always like to include Ethereum cycles on our charts, as the two cryptocurrencies often move in tandem. In the intermediate-term, Ethereum’s current cycle is set to bottom in mid-October to November, so we project that Bitcoin will continue its decline into that timeframe.
Our projections show the potential for Bitcoin to trade as low as $18,000 by November, and on the extreme end we see a possible move down to $12,000.
Some Key Weekly Technical Notes:
– BTC is nearing the peak of the current dominant intermediate-term cycle
– Bitcoin’s dominant intermediate-term cycle is projected to bottom in late November to mid-December
– The current cycle low for BTC is 18,525. Breaking through this level would strongly indicate a breakdown
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To learn more about the askSlim Method of performing Cycle Analysis, you can read our series, Introduction to Cycle Analysis.