Bitcoin & Cryptos Project Plunge into Aug 15 – 22, ’23; Below 1,620/ETH!
07/29/23 – “The Dollar Index rallied to multi-week resistance and is at a crossroads. The next multi-week cycle convergence arrives on Aug 14 – 25, ’23 – the latest phase of 23 – 24 week & 11 – 12-week high-high-(high/low?) Cycle Progressions…
Bitcoin & Ether are confirming that multi-week highs are in place, capable of triggering sell-offs into mid-Aug ’23. Based on weekly trend patterns and corresponding indicators, that would likely have Ether spiking below its mid-June low while Bitcoin sets a higher low (and then rallies into mid-Sept).
Traders could be on the sidelines after exiting long positions around 30,200/BTU w/avg gains of about $16,000/contract (or ~3,200 per bitcoin). … TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver remain in multi-month consolidation phases between their late-Feb/early-March ’23 lows and the subsequent cycle highs set on May 3 – 5…
Gold & Silver could continue initially peak in early-Aug ’23… That would then be expected to spur a decline into Aug 21 – 25, ’23, the convergence of multiple cycles and timing indicators in Gold – including a ~3-month/ ~90-degree low (Nov 23) – low (Feb 27) – low (May 25/26) – (low; Aug 23 – 28) Cycle Progression.
(xxxx – xxxx ’23 is a prime time for an accelerated rally if the late-Aug ’23 low concurs. That is due to key cycles and the weekly 21 MARC.)”
Bitcoin & Ether have sold off since fulfilling projections for a rally to new highs and a multi-month peak in mid-July (July 14 – 20), coinciding with a similar rally and peak in Gold & Silver (and XAU… and even Euro) and a corresponding decline and low in the US Dollar Index.
These markets (Bitcoin, Ether, Gold, Silver & Euro) have been expected to head lower into August 18 – 25, ’23, when the greatest synergy of cycles converge and portend the next 1 – 2 month (or longer) bottom, even as the Dollar Index should rally into that time frame.
The weekly trend pattern projects Ether to plunge below its mid-June ’23 low (~1,620/ETH) with Bitcoin dropping back toward, but ideally holding above, its mid-June ’23 low of ~24,800/BT… as they drop into August 15 – 22, ’23. The levels of those projected lows should clarify what to expect in Nov ’23 – the subsequent cycle low.
Is Bitcoin’s (& Cryptos’) 2023 Advance Complete?
How Low Will Next Correction Drop?
How Does Dollar/Gold/Crypto Analysis Reinforce Late-Aug ’23 Cycles?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.