Bitcoin & Ether Poised for July Surges; Reinforce Danger Period.
07/06/24 – “Stock indexes remain on two divergent paths with the stronger indexes (S+P 500 & NQ-100) rallying into July 2024 and fulfilling a number of cycles and cycle analogs (i.e 17-Year Cycle and intra-year action of 2007). Similar to 2007, they could see an overall correction into August 2024 with an initial low likely on July 17 – 19th.
Bonds & Notes fulfilled a ~5-week cycle and should rally through much of July. The Dollar could sell off into mid-month as the Euro & Yen rally. Gold & Silver are fulfilling ongoing analysis for final surges into July 2024…
While all of these coinciding cycles, timing indicators, and price outlooks could be triggered by normal market forces, the convergence of many related objectives also leaves open the potential for some sort of surprise event between July 5th and July 19th…
The Dollar Index reversed lower after rallying into month-end but failing to turn its weekly trend up (a lagging/confirming indicator) as it fulfilled its weekly LHR indicator. On an intra-year basis, that fulfills its intra-year uptrend with a rally into mid-year. As a result, it could spur another drop toward its year-opening range – the high of which is 102.80/DXU.
That would fulfill its weekly trend pattern (that projects a drop back to at least 103.25/DXU) and would also fulfill a ‘c = a’ correction target at 103.04/ DXU (July decline = May/June decline). All of that is just above the now-declining monthly 21 Low MAC, a critical multi-year trend indicator.
The Euro is the inverse and has initially rallied after bottoming in fulfillment of the latest phase of a 9 – 10-week low-low-low-(low) Cycle Progression last week. That also fulfilled its weekly HLS indicator, projecting a 1 – 2 month low at that time.
It surged to its weekly LHRs (1.0866 & 1.0899/ ECU) and should retest its early-June peak and year-opening range low – both near 1.0960/ECU. That is also the upper end of monthly resistance.
The Yen has plunged into mid-year – fulfilling its weekly HLS (2 – 4 week indicator), intra-year downtrend (2 – 4 month indicator) and 17-Year Cycle from its 2Q 2007 low. It is hovering around its 1990 low (~.6250/JY, from two 17-Year Cycles ago) and could set a major bottom in this time frame.
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 could come as early as 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 would also complete 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.
The Dollar Index did peak on June 28th/July 1st – the latest phase of a 21 – 22-day low-low-low-low-(high) Cycle Progression. It turned its daily & intra-month trends down which could spur a drop into mid-July… as the Euro & Yen rally into mid-month.”
Bitcoin & Ether are poised to set 1 – 2 month lows in the coming days with Bitcoin cycles portending a July 8th low as Ether trend signals project a subsequent surge back to its March ’24 peak… and beyond.
(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 after July 8th?
How High Could Next Crypto Rally Reach?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.