Bitcoin & Cryptos Project Plunge to Mid-June Lows; Drop into Aug 18 – 25!
08/02/23 – “The Dollar Index remains in a daily uptrend and a weekly downtrend… If the Dollar Index is able to give a daily close above the Aug 1 – 3 trading range – on any day after Aug 3, it should rally into the convergence of multi-week cycles on Aug 14 – 25, ’23… the latest phase of 23 – 24 week & 11 – 12-week high-high-(high/low?) Cycle Progressions.
Recent action has been corroborating the potential for an intermediate high at that time, but the intra-month trends must confirm that.
The Euro is the inverse, needing a daily close below the Aug 1 – 3 low to confirm the potential for a decline into Aug 14 – 25…
(While I do not incorporate possible – and I emphasize the word possible – geopolitical cycles into day-to-day or week-to-week trading, the Russia/Ukraine cycles surrounding Aug 22 – 24, 23 could play into a volatile scenario like the one just described… since any surprise developments could [reserved for subscribers]… See Aug ’23 INSIIDE Track for additional analysis.)…
Bitcoin & Ether are confirming that multi-week highs are in place, capable of triggering sell-offs into mid-Aug ’23. Based on weekly trend patterns and corresponding indicators, that could have Ether spiking below its mid-June low while Bitcoin sets a higher low (and then rallies into mid-Sept).”
Bitcoin & Ether have sold off since fulfilling projections for a rally to new highs and a multi-month peak in mid-July (July 14 – 20), coinciding with a similar rally and peak in Gold & Silver (and XAU… and even Euro) and a corresponding decline and low in the US Dollar Index.
These markets (Bitcoin, Ether, Gold, Silver & Euro) have been expected to head lower into August 18 – 25, ’23, when the greatest synergy of cycles converge and portend the next 1 – 2 month (or longer) bottom, even as the Dollar Index should rally into that time frame.
The weekly trend pattern projects Ether to plunge below its mid-June ’23 low (~1,620/ETH) with Bitcoin dropping back toward, but ideally holding above, its mid-June ’23 low of ~24,800/BT… as they drop into August 15 – 22, ’23. The levels of those projected lows should clarify what to expect in Nov ’23 – the subsequent cycle low.
Is Bitcoin’s (& Cryptos’) 2023 Advance Complete?
How Low Will Next Correction Drop?
How Does Dollar/Gold/Crypto Analysis Reinforce Late-Aug ’23 Cycles?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.