11% gain so far on the anniversary of Bitcoin’s all-time high.
Bitcoin has just printed it’s biggest single daily percentage gain since April 12th – that’s significant. The trading has also been a little different than what we’ve been used to seeing. And all of this is coming off of the anniversary of Bitcoin’s all-time high on December 17th, 2017.
Major gain for Bitcoin during Monday’s trade
Bitcoin has experienced a significant move during Monday’s trading, which may be a more important move than standard spike and relief rally. Right before the normal stock market open, Bitcoin experienced a significant, 4.67% drive higher in one hour. Bitcoin has continued to drive higher and above average volume. The price action has also been very different when compared to the past 6 months. Typically, any strong buying has been the result of a few random spikes which have promptly led to consolidation and strong selloffs. Today’s price action has been noticeably different with strong and persistent buying throughout the trade day. There was one strong volume candlestick during the US session, but this was promptly bought back up and prices continue to move higher and print new daily highs. The volume so far on the day is the highest volume trading day since December 7th.
Strong confluence zone in time and astronomical cycles
There are a series of important cycles that have either come to a close or are near a close. I discussed some of these in my previous article on December 12th.
- December 17th is Bitcoin’s anniversary date of its all-time high.
- December 17th is also when the Venus Retrograde’s shadow.
- The planetary aspect, Mars Conjunction Uranus, started on December 13th and exits on December 17th. This aspect shows up near a number of Bitcoin’s prior swing highs and swing lows.
- Mercury is in Virgo from December 11th to December 18th.
- Mars moved into and out of Taurus from December 11th to December 15th.
- 360-365 day Gann cycle – yearly low found near the anniversary date of December 17th. This indicates a broad change in the trend and direction of the market, especially when a high was found at the beginning of this cycle and a low as found at the end of this cycle.
The current trading range is one to take note of. Traders have previously seen days similar to this where momentum died during the end of the normal US trade session and then prices have eventually faded lower before exhibiting strong selloffs. Price should have some difficulty crossing the current Gann arc, but if it can trade back and above that arc, we should see some swift rises in value past the 5041 value are and even higher into the 6400 trading zone. Surprisingly, there is less resistance higher than there is lower from these levels, and if price reaches above 8000, there should be a very swift rise past that level – the direct inverse of the price action we’ve experienced all of 2018.
We should exercise caution though – again, Bitcoin’s price action has a habit of fading during the end of the normal US session, so we should maintain an eye on that. However, if we begin to see large spikes lower but they get bought up, we may be in a different trading environment.