Bitcoin Confirming Nov/Dec Sell-off; Plunge to 42,000/BT Likely in 2021
12/04/21 Weekly Re-Lay – “Bitcoin bounced to its declining daily 21 Low MAC (~60,000/BT) after testing initial downside targets at 54,000 – 56,000/BTZ. It set descending highs at or below that 21 Low MAC all week – showing continued weakness – and is reinforcing the likelihood to elevate this correction and drop to 49,000, potentially 40 – 42,000/BT. The Oct 20/Nov 10 double top fulfilled upside targets and should hold into 2022.”
Bitcoin fulfilled what its monthly and then weekly trend indicators have projected – a surge to new all-time highs (~66,000+/BT) ushering in a major top. On Nov 10, Bitcoin produced an outside-day/2 Close Reversal sell signal – providing the first sign that a major top is taking hold… and more confirmation is evolving. It could drop as low as 42,000/BT before year-end. Bitcoin’s unfolding sell-off is powerfully corroborating the outlook for 2022!
What does this mean for the future of cryptos? Will it continue to drop into Dec 22 – 24 intermediate cycles??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.