Bitcoin & Ether Holding Support; 1 – 2 Month Low Projects Rally into February ??
01/31/24 – “Opening ranges play a key role in analyzing the markets. That has been evident in many trading systems (like Market Profile, which was heavily used by day traders in the 1980’s & 1990’s) and/or approaches to analyzing and timing market movement & swings.
The intra-month & intra-year trends are an example of these. Another involves a tactic I have used for the past ~30 years, providing swing points or confirmation points throughout the year. This was originally described in a pair of articles I published in the early-1990’s – using a Gann-like breakdown of each year in which every ~40 days (which has its own significance) represents 1/9th of the year… and every three of those times 1/3rd.
The first two are the most important – timing inflection points around February 9/10 (the completion of the first 40-day period – a period of ‘testing’ or ‘preparation’) and around March 20/21 (the completion of the second 40-day period and also the Vernal Equinox – the completion and beginning of the Natural Year).
There are certain years – like 2024 – when related, corroborating cycles heighten the focus on those time frames. Potentially, one of the more significant ones is [reserved for subscribers]…
Bitcoin reached its 3 – 6 month/~48,000/BT target and peaked, fulfilling its multi-month buy signals from mid-Sept & mid-Oct ’23. These peaks pinpointed the ideal place to liquidate longs in anticipation of a decline to 37,700 – 38,000/BT & ~2150/ETH…
Bitcoin tested & held its weekly HLS, portending a 1 – 2 month low that could spur a rally into Feb xx.”
Bitcoin & Ether have likely set 1 – 2 month lows, fulfilling the weekly HLS indicator while attacking downside pullback targets. They continue to fulfill analysis for advances from their Nov ’22 lows (projected multi-year lows) and should now see a new surge into February 2024.
(Refer to January 11, 2024 The Bridge – Crypto Currency War Continues for updates on overall outlook and analysis for additional rally into February/March 2024.)
Will Dollar Rally (from Multi-Month Cycle Low in Late-December) Impact Cryptos?
Why is 1 – 2 Month Low Likely Forming? Will (Projected) Russell 2000 Rally Help?
What are Next Upside Objectives for Cryptos… Leading into February ‘24?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.