Bitcoin Fulfills Final Spike High; Sharp Drop Expected in Nov/Dec ‘21
11/13/21 INSIIDE Track Update – “Bitcoin retested its peak but would not confirm a secondary top – and project a drop to (at least) 54,000 – 56,000/BTZ – until a daily close below 61,300/BTZ. (Since this would now be occurring after a retest of the high, a larger-magnitude correction could unfold over a few weeks.)
Its inversely-correlated daily 21 MARC is surging and could exceed current price in the coming week – resulting in the daily 21 MAC turning down. A daily drop and close below 61,300/BTZ would expedite that scenario – also generating a close below the still-ascending daily 21 Low MAC.”
Bitcoin has fulfilled what its monthly and then weekly trend indicators have projected – a surge to new all-time highs (~66,000+/BT) before a major top becomes most likely. On Nov 10, Bitcoin produced an outside-day/2 Close Reversal sell signal – providing the first sign that a major top is taking hold… but more confirmation is needed. If Bitcoin can sell off sharply in Nov/Dec ‘21, it will powerfully corroborate the outlook for 2022!
What does this mean for the future of cryptos? How far could it drop into Dec 22 – 24 intermediate cycle low??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.