Bitcoin & Ether Project Surge into Dec ‘23; Dollar Spike Low Imminent.
11/25/23 – “The Dollar Index fulfilled its outside-week/2 Close Reversal sell signal – dropping into Nov 17/20 ’23 and completing a 50% retracement in time (12 wks up, 6 wks down) that fulfilled an ~18-week high-low-(low) Cycle Progression. In the process, it turned the weekly trend down.
That low matched the duration of the previous June/July ’23 decline while fulfilling a short-term ~2-week low-low-low-(low) Cycle Progression. If it drops any lower in the coming week, it would display a higher magnitude of weakness and reinforce the negative structure of the monthly trend (and now the weekly trend also).
That remains a key focus for the 1 – 2 year trend… As the Dollar rallied into Oct ’23, it twice neutralized its monthly downtrend but would not turn that trend up until a monthly close above 106.57/DXH.
Markets often peak at this stage so the Dollar Index could be setting a secondary (‘II’ or ‘B’ wave) peak before the onset of a new major decline. The weekly trend reversal (to down) could usher in an initial low (soon), since it is a lagging/confirming indicator. That would likely spur a multi-week reactive bounce followed by a new decline.
The Euro fulfilled projections for a surge into Nov 17/20 after turning its weekly trend up and elevating this rally to the next higher magnitude. If it is to exceed the duration and magnitude of its previous (June/July ’23) advance – and additionally confirm the Oct ’23 low – the Euro would rally to new highs and exceed 1.1130/ECH in the coming week.
The Yen rebounded from intermediate support (.6610 – .6654/JYZ) and attacked .6833 – .6870/JYZ, where three weekly LHRs converged with the declining weekly 21 Low MAC. That could lead to a higher spike in the coming week.
Bitcoin & Ether have consolidated after Ether attacked its ~2100/ETH target. They could soon resume their uptrend and rally into late-Dec ’23, the next phase of a 36 – 38-week high-high-high-(high) Cycle Progression.
The Dollar Index sold off into November 20th and then bounced – testing and holding its daily LHR on Nov 22nd. That could prompt a new sell-off – likely reaching ~102.40/DXZ and potentially fulfilling the latest phase of a 26 – 29-day low-low-low-high-high-high Cycle Progression on ~November 30.”
Bitcoin & Ether are reinforcing projections that their Nov ’22 lows are multi-year lows that would spur large advances into late-2023/early-2024. Bitcoin’s September buy signals projected a 1 – 2 month surge to ~35,000 (already fulfilled) and a larger 3 – 6 month advance to ~45,000/BT. Ether is on track for at least ~2100/ETH and potentially ~2,300/ETH.
On balance, cryptos could work higher into (at least) Dec 11 – 15, ’23 – the next phase of the ~3-month/~90-degree cycle that timed consecutive lows and is due for an inversion. Ether is showing that this overall advance could stretch into Feb 2024.
Has Dollar Completed its Multi-Year (~14-year) Uptrend?
Are Anti-Dollar ‘Currencies’ (Cryptos & Metals) Poised for New Bull Markets?
How Does Bitcoin/Ether Action Corroborate 2024/2025 Outlook?
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