Bitcoin Confirming Nov/Dec Sell-off; Attacks 1 – 2 Month Target at 42,000/BT
12/06/21 INSIIDE Track Update – “Bitcoin has just (initially) fulfilled projections for a plunge from its Nov 9/10 peak near 68,000/BT – first down to 54,000 – 56,000/BT and then to 49,000, potentially 40 – 42,000/BT – where pivotal ‘4th wave of lesser degree’ support exists (the ideal downside target for this magnitude of correction). In cash/weekend trading, it spiked down to ~42,000/BT – initially testing that decisive support.
The Weekly Re-Lay explained how – on Nov 25 – Dec 1 – Bitcoin was bouncing up to its declining 21 Low MAC and reinforcing underlying weakness as it failed to close above that level. On Nov 29 – Dec 1, Bitcoin did the same thing with its 40 Low MAC after generating a related negative signal on Nov 26. It reversed lower from those resistance channels on Dec 1 and quickly turned the 40 Low MAC down (21 Low MAC was already heading lower) – confirming the intermediate outlook for further downside.
That was soon validated by the action of Dec 2 – 6, reinforcing that Bitcoin has set a major peak and is in a large-scale corrective period. On a 1 – 2 year basis, the Oct 20/Nov 10 double top fulfilled upside targets – while retesting the April ’21 peak – and should hold into 2022.
The intriguing thing about Bitcoin, however, remains the multiple levels of ‘5th’ waves that were fulfilled at its high in Nov ’21. Looking out farther, that would leave Bitcoin vulnerable to dropping as low as [reserved for subscribers] as part of a larger-magnitude correction… That is where the ‘4th wave of lesser degree’ – for the entire ~3-year uptrend (from the Dec ’18 low) – resides.
For now, 40,000 – 42,000/BT remains as decisive support.”
Bitcoin fulfilled what its monthly and then weekly trend indicators have projected – a surge to new all-time highs (~66,000+/BT) ushering in a major top in late-Oct/early-Nov ‘21. On Nov 10, Bitcoin produced an outside-day/2 Close Reversal sell signal – providing the first sign that a major top is taking hold… and more confirmation is evolving. It has since plunged to its 1 – 2 month downside target at ~42,000/BT. Bitcoin’s unfolding sell-off is powerfully corroborating the outlook for 2022!
What does this mean for the future of cryptos? Can Bitcoin plummet below 42,000?? If so, when???
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.