Bitcoin & Ether Poised for 1 – 2 Month Lows; ~18,000/BT Support Holding
09/10/22 Weekly Re-Lay – “Bitcoin is fulfilling the potential for a multi-month bottom after retracing.786 of its Mar ’20 – Nov ’21 advance (extreme retracement; 2DGR) – reaching 17,830/BTC, a major, 1 – 2 year downside target. It bottomed during the synergy of diverse cycles on Sept 6 – 16 – when a 32 – 34-week low-low-low-low Cycle Progression – dating back to the March ’20 bottom – AND its ~15-month low-low-low-(low) Cycle Progression recurred. Its bottom was preceded (led) by Ethereum and many blockchain stocks bottoming in June/July ’22 and then setting (bullish) divergent lows in late-Aug.”
Bitcoin, in Nov ’21, fulfilled projections for a 5th of 5th wave peak in sync with a ~4-Year low (2009) – high (Nov/Dec ’13) – high (Nov/Dec ’17) – high (Nov/Dec ’21 Major Top) Cycle Progression. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated and when the US Dollar would begin to rally and suppress the Crypto market.
Since then, Bitcoin has been projected to plunge into Sept ’22 – when monthly cycles project the next multi-month low. Weekly cycles corroborate that and project a multi-month bottom by Sept 23. Critical support near 18,000/BT is holding and could spur 1 – 2 month rebound. Major 1 – 2 year downside target remains at ~13,800/BT.
How Long Should Sept ’22 Cycle Low Hold?
Could Additional Dollar Strength Impact Potential Upside?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.