Hello Everyone!
Welcome back to a Friday video update… on a Saturday!
Today we’ll be talking about a couple of my recent posts on the Magic Bands and the Ichimoku Cloud.
I’ll also briefly be discussing the liquidation heatmap.
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Quick Summary
Bitcoin has experienced a harsh rejection from the level 2 of the magic bands, which it suggested would be the case many months in advance
Although the correction we’ve seen so far appears steep, it is not much in relation to our 96% rise, which is over 30% more than any rise we have seen in 2023 without a sizeable correction
The Magic Bands suggest that we should now visit a lower band like yellow level 1 priced at 32,500 approximately
This was the case is 2019, where the mid-top reached the exact same band. Price corrected a bit lower then but I believe this was due to the parabolic price action
2015 - 2016 showed several examples of corrections from one primary band to the next
I think this correction based on cycle timing is looking to complete sometime next month
Bitcoin has reached the top of the weekly Ichimoku red cloud, where every mid-top has taken place
I warned that this had taken place in a post on X, alongside telling you that a positive news event had taken place, which have marked two cycle tops
While I am not calling for a top a second time, data is showing that something of the likes is probable
The liquidation heatmap shows that most liquidity is to the upside on mid-time frames, which may mean that Bitcoin wants to move higher in the short-term
Longer-term time frames show most liquidity to the downside
This may transpire as Bitcoin forming a lower or equal high to take out liquidity, before correction, which is something to keep in mind before you go an enter a 1000X short! (Trading is bad, leverage is worse)
