Bitcoin entering convergence zone
It’s a waiting game and it’s playing out in the most natural and normal way possible. Sure, the past 30 days have been a downer (pun intended). But that’s what we’ve been expecting and watching. And we’re right upon it.
1. The black diagonal line is the long-term support and uptrend line. The red diagonal line is the long-term resistance and downtrend line. Notice where they intersect. Specifically, the date. March 3rd, 2018. A full moon appears on this day. Remember the principles of the full moon – if the trend has been lower over the last moon phase and price is at or near a swing low, then there is a high probability of the instrument reversing and moving up. One of the confirming factors we can look regarding this next lunar phase is the behavior of the previous full moon. The previous full moon cycle did not result in higher prices, in fact Bitcoin traveled to the inverse. Generally, when this even happens, there is a much-increased chance for prices to move higher on the following full moon cycle (the same applies for New Moon cycles).
The combination of Good Friday and the Easter weekend could provide excessive or extremely muted moves. If we analyze Bitcoin’s prior behavior during weekends and holidays, we can see that it will still move at an accelerated rate regardless of ‘normal’ trading days and hours. One thing is for certain: the next move is coming very soon. The cycles are nearly complete, the participation has been accelerating, the price action has been contracting and the mood is at it’s low. Monday should be an interesting day.