Bitcoin Fulfills Buy Signal & Signals Exit; Projects Plunge into Mid-Aug ‘23!
07/15/23 – “Bitcoin entered cycle highs on July 14 – 20… The Dollar Index fulfilled its weekly trend pattern – projecting a drop to new lows – and its negative weekly 21 MAC signal… as well as its outside-week/2 Close Reversal lower on July 7. That was/is expected to spur a quick, sharp drop into July 14…
The Dollar is still expected to set a secondary high on Aug 14 – 25, ’23 – fulfilling 23 – 24 week & 11 – 12-week high-high-(high?) Cycle Progressions. If that is going to be the case, the Dollar could extend the current decline into late-July (~8 weeks down) and then rally for ~4 weeks (50%). The Euro fulfilled the outlook for a rally into July 14…
Bitcoin & Ether are also showing signs of a peak after failing to give a weekly close above the prior highs while rallying into daily, weekly & monthly cycle highs on July 14 – 20, ’23, rallying for .618 of the time it (Bitcoin) previously declined.
These two cryptos could be producing a divergent (multi-week) peak in line with those cycle highs. On the July 14 weekly close, Ether generated the second neutral signal against its prevailing weekly downtrend (which turned down on the mid-June spike low) as Bitcoin failed to signal new strength. It would take a weekly close above 2078/ERU (Sept Ether futures) to reverse the weekly trend to up.
As long as that does NOT occur, Ether would more likely head back to its mid-June low and at least briefly spike below it. The ‘ideal’ scenario would have Ether accomplishing that as Bitcoin pulls back to a higher low – with both bottoming in mid-Aug ’23.
Traders could have entered longs around 26,700 and can now exit all of those positions. [TRADING INVOLVES SUBSTANTIAL RISK!]
The Dollar Index dropped to new intra-year lows and initially fulfilled the potential for a new 1 – 2 month low on/around July 14, with a corresponding peak in the Euro and Bitcoin…
Gold & Silver remain in multi-month corrective/ consolidation phases, entered after they fulfilled multi-month cycles that projected a decisive peak on May 3 – 5… Gold & Silver could undergo a steady (though volatile) recovery in July, peak in early-Aug ’23, and then see a quick sell-off into mid-to-late-Aug ’23…
That would then be expected to spur a decline into Aug 21 – 25, ’23, the convergence of multiple cycles and timing indicators in Gold – including a ~3-month/ ~90-degree low (Nov 23) – low (Feb 27) – low (May 25/26) – (low; Aug 23 – 28) Cycle Progression.
It is also the mid-point of the latest phase of the ~17-week high-high-low-low-low-low (June 26 – 30) – (high; Oct 23 – Nov 3, ’23) Cycle Progression. An intervening low in late-Aug ’23 would reinforce that future cycle in late-Oct/early-Nov ‘23.”
Bitcoin & Ether fulfilled ongoing projections for a rally to new highs leading into 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 are now expected to reverse and head lower (Bitcoin, Ether, Gold, Silver & Euro) into August 18 – 25, ’23, when the greatest synergy of cycles converge and portend the next 1 – 2 month (or longer) bottom.
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.
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.