Bitcoin Bearish into Sept ’22; June 8 – 10 Ushers in Next Down Cycle
05/25/22 Weekly Re-Lay Alert – “Bitcoin continues to trade sideways after spiking below ~27,500/BTC – where its monthly HLS and 6-month HHL converged – on May 12. That decline fulfilled its weekly trend sell signal (late-March) & perpetuated a 45 – 48 day low-low-high-high-high-high-(low; May 12/13) Cycle Progression.
That could/should produce a subsequent low in late-June (with a rally in between). A daily close above 32,700/BTM is needed to give the first sign of a reversal higher. If it can do that in the coming days, Bitcoin could see a rebound into – and secondary peak during – the week of June 6 – 10.”
Bitcoin, in Nov ’21, fulfilled what its monthly and weekly trend indicators projected and what its overall wave structure necessitated – a surge to new all-time highs (~66,000+/BT) ushering in a major top in late-Oct/early-Nov ‘21. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated.
Since then, Bitcoin has been projected to plunge into Sept ’22 – when monthly cycles project the next major low.
What does this mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.