Bitcoin & Ether Project Rallies into February ??… After Completing Pullbacks.
01/31/24 – “On a 1 – 2 year basis, the DJIA remains on track to ultimately reach its multi-year LLH (39,107/DJIA) – potentially in Jan/Feb ’24 – and fulfill a major upside objective created by its 2020 & 2022 lows.
That level is reinforced by a multi-year range target at 39,000 – 39,200/DJIA, incorporating the Sept/Oct ’22 lows near 28,700, the Feb ’22 & Oct ’23 ‘midway’ lows near 32,200, and the Aug ’21, Feb ’22 & July/Aug ’23 highs near 35,700/DJIA.
When the DJIA closed above 35,700 in late-Nov ’23, it corroborated the late-October signals & reinforced projections for a surge above 39,000/DJIA. A spike above 39,000/DJIA would also double the magnitude of the previous ~90-degree decline – from late-July into late-Oct ’23.
The S+P 500 has related upside targets… 17,700 – 18,200/NQ is the equivalent range in the Nasdaq-100…
The Dollar Index has rallied after selling off into late-Dec ‘23 and fulfilling a ~24-week low-low-low-(low) Cycle Progression. It remains in a monthly downtrend and is steadily turning its monthly 21 MAC negative. An intra-month (Feb ‘24) drop below 101.00/DXH would reinforce that.
All these indicators increase the likelihood the Dollar Index set a secondary (‘II’ or ‘B’ wave) top in October ‘23… ushering in the onset of a new major decline expected in 2024/25. Over the next 1 – 2 years, the Dollar Index is likely to drop back to at least [reserved for subscribers]…
An intra-year high in the current week would powerfully reinforce a future cycle low in May 2024 – when ~10-month, ~5-month, and potentially ~4-month cycles converge & portend a low. That is also 3 years from the May ’21 low and the next phase of the Dollar’s uncanny 38 – 41-month cycle…
Bitcoin & Ether confirmed signs of 1 – 2 month tops after Bitcoin reached its 3 – 6 month/~48,000/BT target and peaked, fulfilling its multi-month buy signals from mid-Sept & mid-Oct ’23. Both dropped to intermediate downside targets as Bitcoin tested & held its weekly HLS, portending a 1 – 2 month low near that support. That spurred a new rally that could stretch into February xx.”
Bitcoin & Ether set 1 – 2 month lows, fulfilling the weekly HLS indicator while attacking downside pullback targets and holding multiple levels of intermediate support. They continue to fulfill analysis for advances from their Nov ’22 lows (projected multi-year lows) and should now see a new surge into February 2024.
This dovetails with analysis for stock indexes to see some additional upside and for the Dollar Index to potentially peak. (Refer to January 11, 2024 The Bridge – Crypto Currency War Continues for updates on overall outlook and analysis for additional rally into February/March 2024.)
Will Dollar Rally (from Multi-Month Cycle Low in Late-December) Impact Cryptos?
Why is 1 – 2 Month Low Likely Forming? Will (Projected) Russell 2000 Rally Help?
What are Next Upside Objectives for Cryptos… Leading into February ‘24?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.