Bitcoin & Ether Poised for Imminent Surges; Trouble on Horizon?
07/10/24 – “The current week is a classic convergence, or collision, of short-term, intermediate-term, and longer-term cycles in many markets. The two primary drivers of short-term analysis are the daily trends and intra-month trends.
While there remains wide divergence in individual Stock Index action and analysis, the S+P 500 & NQ-100 provide another prime example of the application of these two short-term indicators… (Gold & Silver have some similarities.)…
One other index was discussed last month (June 12th) when it was poised for an additional ~2-week decline into cycle lows in late-June, when its weekly trend & 21 MAC structure would likely spur a new rally.
6-12-24 – “Meanwhile, the DJUA – the index more closely linked to movement of interest rates and/or the Bond market (both bottomed in October ’23 after declining from March/April 2022) – is in a similar setup on a daily basis but a much different one on a weekly basis.
As a result, both are poised to see 1 – 2 week sell-offs but the DJUA could be pulling back to rising support near 880/DJUA …”
That rising support (weekly 21 High MAC) continued to rise and met DJUA price action around 900/DJUA on June 28/July 1st – as intermediate cycles were bottoming – and is in the process of reversing higher.
It also completed a textbook ‘a-b-c’ correction while testing its 2024 opening range (support for its prevailing intra-year uptrend). That correction is likely the wave ‘4’ of a potential 5-wave advance from its secondary low in February ’24. It closely matched the magnitude of its preceding wave ‘2’ correction (March/April ’24) – reinforcing the time and price for a multi-week low.
That should spur a rally back to – or above – its May 2024 high (~957/DJUA)…
Bitcoin & Ether have corrected after fulfilling 16-month cycle highs in mid-March 2024… If Ether continues to hold multi-month support near 2,800/ETH, it could soon resume its overall advance and ultimately head back to its 2021 peak near 4,800/ETH.
Bitcoin is expected to bottom in July 2024 and fulfill a ~10-month high-high-high-low-low-low (Sept ’23) – (low; July 2024) Cycle Progression. It may have just come on July 8 – the perpetuation of a ~68-day low (10/11/23) – low (12/18) – low (2/23/24) – low (5/01/24) – (low; July 8, 2024) Cycle Progression.
That also completed successive ~7-week declines in Bitcoin. In both cases, these cryptos are signaling the culmination of ‘a-b-c’ corrections that could lead to new surges in 3Q 2024.
Based on a consistent ~5-month/ ~22 – 24-week Cycle Progression in Ether, the next high is likely in [reserved for subscribers]…
2 – 4 week traders could re-enter long positions in Bitcoin & Ether…”
Bitcoin & Ether have likely set 1 – 2 month lows with Bitcoin cycle lows converging on July 8th as Ether trend signals project a subsequent surge back to its March ’24 peak… and beyond. They are projecting imminent surges, reinforcing the outlook for geopolitical challenges in the middle half of July 2024.
(Refer to January 11, 2024 The Bridge – Crypto Currency War Continues and other special updates and reports for additional analysis.)
How are Crypto Cycles Reinforcing Danger Period Projected for July 8 – 19th?
Why are Bitcoin & Ether Ready to Enter a New Surge in mid-July?
How High Could Next Crypto Rally Reach?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.