Ethereum Leading Way for Bitcoin Bottom? Sept 19 – 23 = Pivotal Week!
09/08/22 The Bridge – Crypto Currency War: Divergence – “Bitcoin is fulfilling its downside objectives and has entered the month that has been projected (since Nov ‘21) for its final low – September 2022!… it has spiked to new lows in Sept ’22 (below its July ’22 low) – initially fulfilling its ~15-month Cycle Progression. It is now in the ideal 2 – 3 week period for a multi-month bottom…
Bitcoin has already retraced .786 of its Mar ’20 – Nov ’21 advance – an extreme retracement for a market that has (previously) gone through a parabolic advance (‘bubble’). That was fulfilled at 17,830/BTC – so a major, 1 – 2 year downside target has been reached… Bitcoin has fulfilled enough of what has been projected (downside) – for the past 6 – 9 months – to set a multi-month bottom…
All of this is occurring as Ethereum is going through ‘The Merge’ – a transition that could help it grow in favor over Bitcoin. However, they are both poised for a strong rally.
In June ‘22, Ethereum reached and spiked below its major downside target. That is where it also retraced .786 (2nd Degree Golden Ratio… see Tech Tip Reference Library) of its overall 2019 – 2021 advance.
More importantly, it was where Ethereum completed a textbook ‘A-B-C’ zig-zag correction in which the ‘C’ wave was precisely the same magnitude as the ‘A’ wave AND the ‘C’ wave was precisely the same duration as the ‘a’ wave.
Ethereum (ETH/USD) dropped for 11 weeks (75 days) and lost 2702 points in Nov ‘21 – Jan ‘22 – its ‘A’ wave decline.
It then rallied (for almost the same amount of time) into early-April – setting its ‘B’ wave peak.
Ethereum (ETH/USD) then dropped (again) for 11 weeks (77 days) and lost 2697 points in April – June ‘22 – its ‘C’ wave decline.
It does not get much more precise than that!”
Bitcoin, in Nov ’21, fulfilled projections for a 5th of 5th wave peak in sync with a ~4-Year low (2009) – high (Nov/Dec ’13) – high (Nov/Dec ’17) – high (Nov/Dec ’21 Major Top) Cycle Progression. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated and when the US Dollar would begin to rally and suppress the Crypto market.
Since then, Bitcoin has been projected to plunge into Sept ’22 – when monthly cycles project the next major low. Weekly cycles corroborate that and project a multi-month bottom by Sept 23. The US Dollar could set an initial (1 – 2 month) peak in Sept ’22… while Bonds could set a 1 – 2 month bottom (peak in interest rates).
What does this mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.