Bitcoin & Ether Poised for Lows; July 8th = Bitcoin Cycle Low… Trouble Ahead?

07/05/24 – “The Dollar Index reversed lower after rallying into month-end but failing to turn its weekly trend up (a lagging/confirming indicator) as it fulfilled its weekly LHR indicator.  On an intra-year basis, that fulfills its intra-year uptrend with a rally into mid-year.  As a result, it could spur another drop toward its year-opening range – the high of which is 102.80/DXU.

That would fulfill its weekly trend pattern (that projects a drop back to at least 103.25/DXU) and would also fulfill a ‘c = a’ correction target at 103.04/ DXU (July decline = May/June decline).  All of that is just above the now-declining monthly 21 Low MAC, a critical multi-year trend indicator.

The Euro is the inverse and has initially rallied after bottoming in fulfillment of the latest phase of a 9 – 10-week low-low-low-(low) Cycle Progression last week.  That also fulfilled its weekly HLS indicator, projecting a 1 – 2 month low at that time.

It surged to its weekly LHRs (1.0866 & 1.0899/ECU) and should retest its early-June peak and year-opening range low – both near 1.0960/ECU.  That is also the upper end of monthly resistance.

The Yen has plunged into mid-year – fulfilling its weekly HLS (2 – 4 week indicator), intra-year downtrend (2 – 4 month indicator) and 17-Year Cycle from its 2Q 2007 low.  It is hovering around its 1990 low (~.6250/JY, from two 17-Year Cycles ago) and could set a major bottom in this time frame.

Bitcoin & Ether have corrected after fulfilling 16-month cycle highs in mid-March 2024… If Ether continues to hold multi-month support near 2,800/ETH, it could soon resume its overall advance and ultimately head back to its 2021 peak near 4,800/ETH.

Bitcoin is expected to bottom in July 2024 and fulfill a ~10-month high-high-high-low-low-low (Sept ’23) – (low; July 2024Cycle Progression.  It could come as early as July 8 – the perpetuation of a ~68-day low (10/11/23) – low (12/18) – low (2/23/24) – low (5/01/24) – (low; July 8, 2024Cycle Progression.

That would also complete successive ~7-week declines in Bitcoin.  In both cases, these cryptos are signaling the culmination of ‘a-b-c’ corrections that could lead to new surges in 3Q 2024.”


Bitcoin & Ether are poised to set 1 – 2 month lows in the coming days with Bitcoin cycles portending a July 8th low as Ether trend signals project a subsequent surge back to its March ’24 peak… and beyond.

(Refer to January 11, 2024 The Bridge – Crypto Currency War Continues and other special updates and reports for additional analysis.)

 

How are Crypto Cycles Reinforcing Danger Period Projected for July 8 – 19th?

Why are Bitcoin & Ether Ready to Enter a New Surge after July 8th?

How High Could Next Crypto Rally Reach?

   

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.