Bitcoin Bearish into Sept ’22; Late-June = Next Intermediate Low!
05/21/22 Weekly Re-Lay – “Bitcoin is attempting to bottom after spiking below ~27,500/BTC where its monthly HLS and 6-month HHL converged. That decline fulfilled its weekly trend sell signal (late-March) & perpetuated a 45 – 48 day low-low-high-high-high-high-(low; May 12/13) Cycle Progression.
That could/should produce a subsequent low in late-June (with a rally in between). A daily close above 32,700/BTM is needed to give the first sign of a reversal higher. On a broader basis, the test of those decisive price targets shows that Bitcoin could ultimately drop lower in 3Q ‘22.”
Bitcoin, in Nov ’21, fulfilled what its monthly and weekly trend indicators projected and what its overall wave structure necessitated – a surge to new all-time highs (~66,000+/BT) ushering in a major top in late-Oct/early-Nov ‘21. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated.
Since then, Bitcoin has been projected to plunge into Sept ’22 – when monthly cycles project the next major low.
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.