Bitcoin Completing Pullback; Poised to Set 1 – 2 Month Low.
01/20/24 – “Bitcoin & Ether are showing signs of topping after Bitcoin reached its 3 – 6 month/~48,000/BT target, setting its highest daily close at 47,985/BTH on Jan. 8. That fulfilled its multi-month buy signals from mid-Sept & mid-Oct ’23…
Bitcoin plunged from there, leaving intact its ~8.5 – 9-month/36 – 38-week high-high-high-(high) Cycle Progression. Bitcoin tested & held its weekly HLS, portending a 1 – 2 month low in the coming weeks. Refer to the 1/11/24 The Bridge – Crypto Currency War Continues for related analysis.
The Dollar Index has nearly reached its upside target and could soon enter a drop into late-January – fulfilling a ~4-week low-high-high-high-high-low-
Bitcoin & Ether are poised to set 1 – 2 month lows at any time, in sync with the weekly HLS indicator. They continue to fulfill analysis for advances from their Nov ’22 lows (projected multi-year lows). Bitcoin’s September buy signals projected a 3+-month surge, capable of spiking as high as ~48,000/BT before a reactive pullback would be most likely.
That set the stage for a quick, sharp correction in Bitcoin, capable of reaching ~38,400/BT in a short amount of time – the level of the November ’23 high and a key level of ‘resistance turned into support’ as well as monthly support, creating the downside target for this pullback. The weekly HLS signals this correction is nearing fruition and should be followed by 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 Weekly HLS Warning of Impending 1 – 2 Month Low?
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.