Bitcoin Confirming Top; Plunge to 42 – 43,000/BT Possible in 2021
11/17/21 Weekly Re-Lay Alert – “Bitcoin retested its peak and fulfilled its daily trend pattern – setting the stage for a double top and a subsequent decline to at least 54,000 – 56,000/BTZ. Its surging, inversely-correlated daily 21 MARC helped spur the current sell-off after assisting the daily 21 MAC in turning down.
Since this is now occurring after a retest of the high, a larger-magnitude correction could unfold over a few weeks – potentially taking Bitcoin back down to 49,000, possibly 42,000 – 43,000/BT.”
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. 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 could drop as low as 42,000/BT before year-end. If Bitcoin can sell off sharply in Nov/Dec ‘21, it will powerfully corroborate the outlook for 2022!
What does this mean for the future of cryptos? How far could it drop into Dec 22 – 24 intermediate cycle low??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.