Bitcoin & Ether Fulfill Upside Targets; Begin Topping Process. Watch Early-January.
12/13/23 – “The Dollar Index resumed its decline after testing & holding its weekly LHR (103.82/DXH) and descending daily 21 High MAC last week, projecting a new sell-off into the next phase of its ~4-week cycle in late-Dec ’23… a type of Intra-month Inverted V. That is also when a ~24-week low-low-low-(low; Dec 26 – 29, ’23) Cycle Progression would mature.
That could also be a decisive time with regard to the Dollar’s monthly 21 MAC. If it closes below that average on Dec 29th (102.40/DXH), it would be the first time to do that since July/Aug ’21.
December ’23 begins a sharp surge in the monthly 21 MARC, which is inversely correlated to the monthly 21 MAC. As a result, that 21 MAC will have a much easier time turning down in the coming months.
The Euro held support near 1.0800/ECH, signaling a multi-week low and projecting a rally into late-Dec ‘23. A daily close above 1.0963/ECH is needed to confirm.
The Yen rallied from decisive support (.6610 – .6654/ JYZ) and fulfilled projections for a surge to ~.7130/JYH in the near term. That fulfills a critical element of what is needed to confirm a major, multi-month bottom. Consolidation is now likely… followed by a second rally into mid-January ’24.
Bitcoin & Ether remain in multi-month uptrends but reached Dec 8 – 15, ’23, the latest phase of 36 – 38-week high-high-high-(high) & ~13-week low-low-low-(high) Cycle Progressions… Bitcoin attacked its multi-month upside target – at ~45,000/BT (see Oct., Nov. & Dec. ’23 INSIIDE Tracks) while Ether fulfilled related targets at 2,350 – 2,450/ETH…
Gold & Silver are closely adhering to their 4Q 2023 outlook. They sold off sharply after precisely fulfilling upside projections, spiking to new highs on Dec 4th – with Gold perfectly fulfilling its upside wave target at 2152/GCG (intraday high was 2152.6/GCG) – and setting what would likely be multi-week highs.
During the ensuing sell-off, Gold dropped right to its weekly HLS and held last week. In the inverse to what the Nov 27 – Dec 1 signaled (a final spike high), that recent action projected a spike low and multi-week bottom – ideally in the current week. Gold dropped right to monthly support to begin this week, corroborating that potential for an intra-month low…
Platinum & Palladium are rebounding with Platinum poised to spur a quick surge to 1060/PLJ or higher as it emerges from a ~5-month bottoming process and prepares for a new advance into May/June 2024. Palladium dropped to new lows, delaying any intermediate rally.
Platinum is setting the stage for a more sustained – and potentially accelerated advance – as it trades in the middle of its flattening weekly 21 MAC.
Its inversely-correlated weekly 21 MARC just began a 5-week decline (in the current week), increasing the odds the 21 MAC will turn positive.
Platinum twice neutralized its daily uptrend, while pulling back to its flattening daily 21 Low MAC. As long as it does not give a daily close below 898.0/PLJ, Platinum would remain positive and on track for an imminent new surge that could accelerate if/when it gives a daily (and then weekly) close above 960/PLJ.
1 – 4 week & 1 – 3 month traders could have entered long positions in April ’24 Platinum futures at 921 – 928.0/PLJ and can average into these down to 908.0/PLJ. Move initial sell stops to [reserved for subscribers; TRADING INVOLVES SUBSTANTIAL RISK!]”
Bitcoin & Ether are fulfilling analysis for their Nov ’22 lows to evolve into multi-year lows that would spur large advances into late-2023/early-2024. Bitcoin’s September buy signals projected a 1 – 2 month surge to ~35,000 (already fulfilled) and a larger 3 – 6 month advance to ~45,000+/BT (recently fulfilled). Ether has also initially fulfilled projections for a 3 – 6 month advance to 2,350 – 2,450/ETH… ushering in what will likely be a multi-week topping process.
Since July, cryptos have been expected to work higher into (at least) December ’23 and potentially into 1Q 2024 as the Dollar declines. That could culminate in late-December when Dollar cycles bottom. Gold analysis corroborates with Gold just surging to its multi-month upside target (~2152/GCG) while the Dollar is projecting a final drop into year-end, before a more significant bottom is forecast to take hold.
Platinum is the latest market to prepare for a substantial surge, triggering a pair of buy signals on December 7th/8th and beginning to validate them.
Will Dollar Set Decisive Low in Late-December ‘23?
Are Bitcoin & Ether Beginning a Pivotal Topping Process?
How Low Could Cryptos Correct… and the Dollar Rally… in January ‘24??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.