Bitcoin Poised for Multi-Month High;
Outlook For More Downside Remains Intact…
Currency Wars Rage On!
05/03/18 Weekly Re-Lay:
“While this has been unfolding, Gold fell back after retesting its 1 – 2 year highs. And as Gold slowly gave back those recent gains, another currency competitor quietly gained ground. Bitcoin bottomed two weeks after its cycle low (middle half of March 2018; see Cycle Progression diagrams on page 2, copied from March 14, 2018 Alert) and has since gained about 50% from its low.
This is intriguing as it nears the time when a multi-week and possibly multi-month high is more likely – the middle half of May 2018. A peak around mid-May would fulfill a 5-month low (mid-July ’17) – high (mid-Dec. ’17) – high (mid-May ’18) Cycle Progression.
It corroborated that potential by setting an intervening peak in early-March – the midpoint (2.5 months) of that cycle. That produces a corresponding high-high-(high) Cycle Progression targeting mid-May for a Bitcoin peak.”
Bitcoin continues to struggle after showing all the signs of a bubble bursting. Cycles turn back down in mid-May and should spur another round of selling. If a peak is set in the first half of May, it would reinforce related cycles in July & September 2018. 5,500 – 5,800 remains the 3 – 6 month downside target. If that is broken, ~3,200 becomes the next level of support. That was the mid-Sept. low from which the parabolic rise into mid-Dec. emerged.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.