Bitcoin & Ether Poised to Surge into Dec ’23 as Dollar Bottoms; 45,000/BT = Target.
11/29/23 – “The Dollar Index reached its downside target (~102.40/DXZ) and multiple weekly support levels, setting the stage for a 3 – 5 day low.
Today’s spike low also initially fulfilled a 26 – 29-day high-high-high-(low; Nov 27 – 30) Cycle Progression while exceeding the duration of the previous June/July ’23 decline (confirming a higher magnitude of weakness and reinforcing the negative structure of the monthly trend). An additional spike low is still possible.
It would take a daily close above 103.30/DXZ to give the first sign of a 1 – 2 week bottom. Until that occurs, the intermediate trend remains down.
The Euro rallied to new highs this week, exceeding the duration (but not yet the magnitude) of its previous (June/July ’23) advance. Reinforcing its weekly trend reversal, that action further confirms the Oct ’23 low. It would not show any signs of a near-term top until a daily close below 1.0930/ECZ.
The Yen has rebounded from intermediate support (.6610 – .6654/JYZ) and attacked .6833 – .6870/JYZ, where three weekly LHRs converged with the declining weekly 21 Low MAC. It just spiked higher today, without closing above last week’s high, so a short-term top could be taking hold.
Bitcoin & Ether have consolidated after Ether attacked its ~2100/ETH target, creating some near-term divergence as Bitcoin sets (barely) progressively higher highs as Ether sets lower highs. That could spur a quick pullback before a new rally into late-Dec ’23, the next phase of a 36 – 38-week high-high-high-(high) Cycle Progression.”
Bitcoin & Ether are reinforcing projections that their Nov ’22 lows are multi-year lows that would spur large advances into late-2023/early-2024. Bitcoin’s September buy signals projected a 1 – 2 month surge to ~35,000 (already fulfilled) and a larger 3 – 6 month advance to ~45,000/BT. Ether is on track for at least ~2100/ETH and potentially ~2,300/ETH.
On balance, cryptos could work higher into (at least) Dec 11 – 15, ’23 – the next phase of the ~3-month/~90-degree cycle that timed consecutive lows and is due for an inversion. Ether is showing that this overall advance could stretch into Feb 2024.
Has Dollar Completed its Multi-Year (~14-year) Uptrend?
Are Anti-Dollar ‘Currencies’ (Cryptos & Metals) Poised for New Bull Markets?
How Does Bitcoin/Ether Action Corroborate 2024/2025 Outlook?
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