Bitcoin Reaches Downside Target; 3 – 6 Month Bottom Likely!
06/23/21 Weekly Re-Lay Alert – “Bitcoin spiked below 29,000/BT – fulfilling its intermediate downside objective and spurring a quick bounce. It tested and held its early-Jan. low – critical support for the intra-year trend. As long as it does not give a daily close below 29,500/BTM, Bitcoin could see another bounce and spike above 40,000 before encountering intermediate resistance.”
Bitcoin has fulfilled ongoing analysis for a plunge below 30,000/BT after it previously fulfilled early-2021 projections for a surge to ~65,000/BT, where a higher-magnitude ‘III’ (3) wave was expected to peak and complete the parabolic phase of Bitcoin’s advance. (A corresponding ‘V’ wave peak could later retest or spike above that ‘III’ wave top.)
That was forecast to trigger a drop back to ~29,000/BT – its 4th wave of lesser degree support and what is now considered the most decisive level of 6 – 12 month and 1 – 2 year support. If it can hold that crucial support in the coming months, Bitcoin would likely set a 3 – 6 month bottom near there.
What could 2021/2022 outlook for Dollar & Gold mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.