Bitcoin Corroborates Projected Plunge to ~29,000/BT; Parabolic Surge Complete!
05/13/21 INSIIDE Track Update – “Bitcoin held resistance near 60,000/BTM – the level that needed to hold in order to trigger a sharp plunge to ~29,000/BT – the 4th wave of lesser degree support (and the 2021 intra-year low and support). It generated a bearish daily 21 MAC pattern in early-May and began this week with an outside-day/2 Close Reversal lower – corroborating the daily 21 MAC pattern and projecting a sharper sell-off.
It reinforced that by doing the same thing on May 12 – resulting in a 2-Step Reversal sell signal as well – and closed below its descending daily 21 Low MAC – portending acceleration lower. Today’s action powerfully validated those signals and increases the likelihood for a drop below 30,000/BTM in the near future. A daily close below 48,000/BTM would confirm.”
Bitcoin fulfilled ongoing analysis for a surge to ~65,000/BT, where a multi-month peak has been forecast and where a higher-magnitude ‘III’ (3) wave was expected to top 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 should 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 test that downside target 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.