Bitcoin ETF Decision Poised to Trigger Final Spike High (~48,000/BT) & Selling.
01/10/24 – “The Dollar Index has consolidated after surging from intermediate cycle lows on December 26 – 29. A subsequent low could be seen on January 25/26. The question is whether any additional upside will be seen in the interim.
The Dollar has neutralized its daily downtrend multiple times but would not turn that trend up, and elevate this rally to a higher magnitude, until a daily close above 102.42/DXH. That is also what it would take to turn its intra-month trend up and spur further upside in the short term (into mid-month)…
Bitcoin & Ether have spiked above their late-December cycle highs in anticipation of the SEC ruling on Bitcoin ETF filings. That could provide a ‘sell the fact’ reaction back to [reserved for subscribers] – the 4th wave of lesser degree support on the way up.
While the fulfillment of these 3 – 6 month upside targets – at 45 – 47,000/BTC & ~2,450/ETH – is a good place to lighten up on long positions and wait for a pullback, these cryptos have not yet generated any form of confirmed sell signal.”
Bitcoin & Ether have fulfilled analysis for major advances from their Nov ’22 lows (projected multi-year lows) into late-2023/early-2024. Bitcoin’s September buy signals projected an overall surge, capable of spiking as high as ~48,000/BT before a multi-month peak would become most likely. That has been reached as multiple upside objectives have also been attained.
This sets the stage for a sharp correction in Bitcoin, capable of reaching ???? (see latest publications for specific targets and details).
Did Dollar Set Decisive Low in Late-December ‘23?
Are Bitcoin & Ether Poised for ‘Sell the Fact’ Correction?
How Low Could Cryptos Correct… and the Dollar Rally… in January ‘24??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.