Market update: Bitcoin price triggers the infamous Pi Cycle Bottom!
Bitcoin Pi Cycle Bottom
Bitcoin price shows optimistic signals to close out Wednesday, July 13th’s trading session. During the New York session, the bears flexed a brief attack on the $18,900 barrier. The bulls quickly ate up the opportunity within minutes and have managed to rally back into the $20,000 price level.
Amidst the $20,000 rebound, the Bitcoin price has suddenly triggered the infamous Pi Cycle Bottom indicator. Investors may recall the Pi Cycle’s significance as it accurately signaled the 2018 lows at $3,000 and the $64,000 highs as Pi Cycle Top in 2021.
The 2-day chart is, at the time of writing, two hours away from printing a doji/hammer candlestick on the 2-day chart. If the bulls can accomplish the reversal pattern, they may be able to reconquer the downtrend entirely. Fingers crossed, the call for Crypto Season may very well be getting answered.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
