- As a reminder, the bitcoin Accumulation Program is a process attempting to assess and communicate the attractiveness of bitcoin’s price. Basically, we are trying to determine good times to buy or add positions in bitcoin and to help understand what is happening with the price of bitcoin on a weekly basis.
The goal of this approach is to help make investors feel more comfortable with a long-term perspective when approaching a very volatile asset by providing a logic-based accumulation approach. Read our last analysis here, and for more overall information on our bitcoin Accumulation Program, watch our overview video here.
What the Indicators are Telling Us This Week
- RSI: RSI (top study, blue line) is very oversold
- Trend: The Trend Score (middle study, yellow) is negative
- Cycle: Cycle Score is signaling a potential bottoming in process (bottom study, green line)
- Distribution Range: bitcoin has fallen below the short-term trading range.
- Fibonacci retracement: bitcoin has not only fallen below the 0.618 retracement but has set a marginal new low.
Chart of bitcoin ($BTC) produced by Kevin Grimes
Conclusion: On May 7 we lowered bitcoin’s score from 6 to 5 because of the potential for a short-term top indicated by our cycle indicator. Since then, bitcoin has fallen below key retracement levels and has set a new low. Another consideration is that bitcoin could be back in a longer term downtrend from the all-time high last October. That is the bad news. The bright spot is that bitcoin appears oversold with RSI having fallen into the 20’s and the Cycle Score signaling that a bottoming process could be in place. We are lowering the score to 4, indicating neutral, with the cycle offsetting the lower trend.
OVERALL SCORE (1 – 7 Scale): 4 // Positive
read Previous Bitcoin Diaries
- Bitcoin Diaries 5/29/26
- Bitcoin Diaries 5/7/26
- Bitcoin Diaries 4/17/26
- Bitcoin Diaries 4/8/26
- Bitcoin Diaries 3/6/26
- Bitcoin Diaries 2/20/26
- Bitcoin Diaries 2/6/26
- Bitcoin Diaries 1/30/26
- Bitcoin Diaries 1/23/26
- Bitcoin Diaries 1/16/26
- Bitcoin Diaries 1/9/26
- Bitcoin Diaries 12/12/25
- Bitcoin Diaries 12/5/25
- Bitcoin Diaries 11/21/25
- Bitcoin Diaries 11/14/25
- Bitcoin Diaries 11/6/25
Important Disclosures:
This Cryptocurrency article is for informational purposes only. Past performance is not indicative of future results. Crypto is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography (i.e., a method of protecting information and communications with codes) to secure online transactions. Unlike conventional currencies issued by a monetary authority, cryptocurrencies are generally not controlled or regulated, and their price is determined by the supply and demand of their market. Cryptocurrency is currently considered to be a speculative investment. Please Note: Investment in cryptocurrencies is subject to the potential for liquidity constraints, extreme price volatility and complete loss of principal. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Grimes. A copy of our current written disclosure Brochure discussing our advisory services and fees is available upon request or at www.grimesco.com.