Bitcoin Confirms ~65,000/BT Peak; Forecast Plunge to ~29,000/BT Underway!
04/28/21 Weekly Re-Lay Alert – “Bitcoin initially plunged to ~48,000/BT after fulfilling its 3 – 6 month and 6 – 12 month upside target near 65,000/BT (65,000 – 66,800/BT). Its recent peak fulfilled multiple wave objectives and was/is capable of triggering an overall correction back to ~29,000/BT – the 4th wave of lesser degree support (and also the 2021 intra-year low and support).
It has recently bounced to its now-descending daily 21 Low MAC (~57,000/BTM) and could reverse lower from there. Until a daily close above 57,000/BTM, Bitcoin maintains the potential for another quick sell-off.”
Bitcoin fulfilled ongoing analysis for a surge to ~65,000/BT, where a multi-month peak has been forecast. That should trigger a drop back to ~29,000/BT – its 4th wave of lesser degree support and what is now considered the most decisive level of 6 – 12 month and 1 – 2 year support. If it can test that downside target in the coming months, Bitcoin would likely set a 3 – 6 month bottom near there.
What could 2021/2022 outlook for Dollar & Gold mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.