Bitcoin Fulfilling Nov/Dec Sell-off; 2022 Plunge Below 30,000/BT Projected
12/08/21 Weekly Re-Lay Alert – “Bitcoin initially fulfilled projections for a plunge from its Nov 9/10 peak near 68,000/BT – first down to 54,000 – 56,000/BT and then to 49,000, potentially 40 – 42,000/BT – where pivotal ‘4th wave of lesser degree’ support exists (the ideal downside target for this magnitude of correction).
In cash/weekend trading, it spiked down to ~42,000/BT – initially testing that decisive support. That does not, however, remove the potential for the futures to make it down to that same level and test critical support at 40,000 – 42,000/BT. Dec 22 (+ or – 1 trading day) is the next intermediate cycle low in Bitcoin so additional downside is still likely in the futures.”
Bitcoin, in Nov ’21, fulfilled what its monthly and then weekly trend indicators projected and what its overall wave structure necessitated – a surge to new all-time highs (~66,000+/BT) ushering in a major top in late-Oct/early-Nov ‘21. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated.
Since then, Bitcoin has been on track for an initial plunge to 40,000 – 42,000 (ideally in 2021) and an overall plummet to 29,000 – 30,000/BT – its most decisive level of monthly support. Bitcoin’s unfolding sell-off is powerfully corroborating the outlook for 2022!
What does this mean for the future of cryptos? What if Bitcoin Drops below 29,000/BT??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.