Bitcoin & Ether Project Rally into Late-Oct ’22 Cycle High.
10/13/22 INSIIDE Track Update – “Bitcoin has provided slow-but-steady signs of a bottom after completing the multi-week period (on Sept 23) when a 32 – 34-week low-low-low-(low) Cycle Progression – and a ~15-month low-low-low-(low) Cycle Progression – that was projected to time a multi-month bottom. On multiple occasions, Bitcoin & Ether have tested and held synergistic support at 17,800 – 18,400/BT & 1180 – 1230/ETH – the ideal level for multi-month bottoms.
Bitcoin has just entered a ~2-week period when a new surge is more likely. As discussed in July/Aug ’22, Bitcoin has a ~20-week low-low-low-high-high-high Cycle Progression that helped pinpoint the mid-Aug ’22 peak…
The next phase of that ~20-week cycle projects a future peak for early-Jan ’23. In between, an intervening high could be seen at the ~10-week point in late-Oct ‘22 – creating a corroborating ~10-week high-high-high Cycle Progression that would also portend a future peak in early-Jan ’23.
As a result, a 2 – 4 week peak is most likely on Oct. 24 – 31, ’22… and is more likely to be preceded by a moderately-sharp rally leading into that peak… a trio of bullish signals leading into the second half of October.
Reinforcing all of this, Bitcoin has subtly triggered an important trend line break on the latest weekly closes. Since the Nov ’21 peak, there is a descending trendline between its Nov ’21, late-Mar ’22 & mid-Aug ’22 peaks. The early-Sept ’22 rally spiked above that trendline but did not give a weekly close above it.
Finally, on Sept 30 (the week that Bitcoin’s cycles were forecast to turn bullish) and on Oct 7, Bitcoin gave successive weekly closes above that 10+-month trendline – an important break. Following that break, Bitcoin pulled back to its descending trendline (resistance turned into support), its intra-month low, and its daily 21 Low MAC while fulfilling a daily low-low-(low) Cycle Progression.
All of this paved the way for a strong rally from Oct 13 into late-Oct ’22…”
Bitcoin has plummeted after fulfilling projections for a 5th of 5th wave peak in Nov ‘21 – in sync with a ~4-Year low (2009) – high (Nov/Dec ’13) – high (Nov/Dec ’17) – high (Nov/Dec ’21 Major Top) Cycle Progression. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated and when the US Dollar would begin to rally and suppress cryptocurrency for 1 – 2 years. A major 1 – 2 year downside target remains at ~13,800/BT.
Bitcoin was projected to plunge into (at least) Sept ’22 – when a multi-month low would be most likely. Since fulfilling that, Bitcoin & Ether have been forecast to see an overall rebound into late-Oct/early-Nov ’22 – when the next multi-month high is most likely.
How Long Should Sept ’22 Cycle Low Hold?
Why is Early-Nov ’22 Decisive Time for Cryptos??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.