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Cryptocademy Issue #3 - Timing the Bull Market

Cryptocademy
Cryptos are pulling back today, which was a scenario I mentioned last night on Twitter.
But this isn’t another major correction, in my opinion.
Quite the opposite.
Today, we’ll discuss where the crypto market could be going in the next 48 hours, including some buying opportunities I’m eyeing.
I’ll also share with you how I’m timing this bull market, as well as my exit strategy for later this year.
Let’s get it!

Cryptocademy - Issue #3 Video
Cryptocademy - Issue #3 Video
Bitcoin Cycles
It’s clear to see why I think this bull market could peak in August/September when we study past cycles.
There were nine months above each previous all-time high in both the 2013 and 2017 bull markets.
December 2020 was Bitcoin’s first monthly close above its previous $20,000 all-time high.
Nine months from December 2020 is August 2021.
But as I mentioned in today’s video, Ethereum peaked a few weeks after Bitcoin during the 2017/early 2018 bull run.
With that in mind, we may see another two to four weeks of altcoin gains following Bitcoin’s 2021 top, wherever that might be.
I’ve heard arguments for a 2022 peak, but that doesn’t agree with what BTC did in 2013 and 2017.
Some have gone so far as to claim that this crypto bull market will never end.
And maybe they’re right.
But it’s easy to say that when you’re staring at 1,000% gains in your portfolio.
That’s the emotional side of your brain talking, not the logical side.
Until the charts prove otherwise, I have to assume that what has happened before will happen again.
A pattern is a pattern until broken, and this one is still intact.
Bitcoin monthly time frame
Bitcoin monthly time frame
Crypto Market Cap
The crypto market cap chart has churned higher since late February.
But now it’s crunch time for the market as it trades just below all-time highs near $1.75T.
It’s going to take a daily close above that area to confirm the breakout.
As for support, the area near $1.65T sits just below the current price.
Below that is the February 28th trend line near $1.6T.
Even if we see one more pullback to support, this market looks ready to move higher any day now.
Total crypto market cap 2-hour time frame
Total crypto market cap 2-hour time frame
BTCUSDT
Bitcoin looks incredibly bullish.
Every dip since the correction low on February 28th hasn’t lasted long.
The higher lows over the last few weeks seem to point to an imminent break higher.
However, BTC needs to secure a daily close above $58,000 first.
Do that, and we could see $60,000+ in a hurry.
As I mentioned in today’s video, there’s a solid case to be made for a $70,000 to $80,000 BTCUSD over the next few weeks.
That lines up with what we’ve seen since December.
As for buying opportunities before the $58,000 breakout, I would keep an eye on the trend line near $56,000.
If that fails, look to the $52,500 - $53,500 region.
BTCUSDT 4-hour time frame
BTCUSDT 4-hour time frame
ETHUSDT
Ethereum looked like it wanted to break out earlier today following the 4-hour close above $1,760.
But buyers failed to hold ETH above that mark.
I’ve had my eye on the $1,680 - $1,700 area for a buying opportunity all week.
It looks like I may get that chance.
As always, there’s no guarantee that the $1,700 region holds, but there’s a confluence of support there that says it should.
Given the larger ascending channel since February 28th, I think any retest of the $1,700 region should be met with an influx of buying pressure.
$1,800 and $1,870 should attract buyers, along with Ethereum’s all-time high just above $2,000.
ETHUSDT 4-hour time frame
ETHUSDT 4-hour time frame
VETUSDT
VET has had a great week following the break above the 0.06 level, which was previously serving as resistance.
The $0.0635 area is support for now.
If that area holds, I’d expect VET to challenge $0.07 and $0.075 in the week ahead.
I also think VET is playing catch-up to ADA, a relationship I’ve mentioned several times on Twitter.
ADA above $1 implies a $0.10-$0.15 VET.
I think that target area materializes over the coming weeks.
VETUSDT 4-hour time frame
VETUSDT 4-hour time frame
ADAUSDT
The last time I discussed ADA, I said that it needed a deeper retracement.
Cardano has been an excellent performer since December, but that also means it’s going to lag as others, like VET, start to move again.
I think anything between $0.90 and $1 is an excellent buy.
The larger ascending channel indicates a $3+ ADA within the next few months.
ADAUSDT daily time frame
ADAUSDT daily time frame
About Me
My name is Justin Bennett, and I began my financial markets journey in 2001, trading mostly penny stocks. I later transitioned to Forex in 2008 and managed to make trading and investing a full-time gig starting in 2012, and I’ve been doing it ever since.
Admittedly, cryptos have become my #1 passion, and Cryptocademy is my vehicle to share my knowledge with the crypto community.
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Justin Bennett
Justin Bennett @justinbennettfx

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