Bulls, Bats, Bitcoin, Mars and the Dollar
A Gartley Pattern, the Bullish Bat will have confirmed completion on the date of July 1st. If we observe the market geometry in the Square of 144, we see a strong support zone of the 1×5 angle as well as the 2/8th MAJOR harmonic pivot at the 5600 value area. Let’s also review the time cycles and other massive confluence zones of time and price.
- End and Beginning of a new Law of Vibration Cycle.
- Middle of a Square of 52.
- June 22nd – July 7th Gann Season and Date – strong probability of support and resistance being found during this time, trending markets often begin a 90 to 180 day corrective/reversal move.
- ‘Death Zone’ Cycle -7-week cycle, 7×7=49 days. 49 Days is what Gann called the ‘Death Zone’ – it ends blow-off moves. This is actually an important thing to recognize: this current cycle has been a >40% reduction in Bitcoin’s price from the previous swing high.
- Full Moon – Bitcoin has the highest probability of finding rising prices when it is near a swing low at the appearance of a Full Moon lunar phase. That happened on the 27th of June.
- Mars went retrograde on the 26th of June, Mars retrograde has only appeared twice in Bitcoin’s trading history and in each of the prior retrograde phases, Bitcoin experienced the highest % gains in its history. For whatever reason, cryptocurrencies are extremely sensitive to any important Mars aspect or cycle.
- Mercury enters Leo on June 29th.
8, Uranus exits Taurus on July 1st and re-enters on September 14th. Uranus is a planet that initiates change and conflict. Taurus represents the basic opposite: stability, tradition, and security.
- Additionally, look at the DXY (dollar index) and see that it is taking a huge dump, this could be a strong trigger for short-term sentiment and provide fuel for Bitcoin to rally higher against the dollar.
Let’s also remember one of the basic principles of Dow theory as it applies to panic phases and accumulation phases: extreme bearish and negative news and sentiment, but price action fails to produce increasingly dramatic lows.
Additionally, if we analyze the price action and history of Bitcoin during the Summer months (June 22 – Sept 22) we often see a flat or falling prices, followed by MASSIVE rallies and exponential gains going into Fall.