Bitcoin Negative into Sept ’22 Cycle Low; 1 – 2 Year Downside Target in Focus!
05/11/22 Weekly Re-Lay Alert – “Bitcoin is reinforcing the overall 2022 outlook for an ultimate decline (on balance) into Sept ’22 – that would be reinforced by a low in May ’22 – and down to ~29,000/BT. Since it has just reached that decisive downside price target, Bitcoin could ultimately drop lower in 3Q ‘22. In the short-term, ~27,500/BTC is the monthly HLS and 6-month HHL (range) objective.
It continues to correct after peaking on March 28/29 and perpetuating a 45 – 48 day low-low-high-high-high-high (March 28/29) Cycle Progression while failing to turn its weekly trend up (after neutralizing it twice).
That weekly trend structure signaled that a new 1 – 3 month peak was likely taking hold and a drop to new lows was likely to follow. On May 5, Bitcoin turned its intra-month trend down – spurring another phase of its decline, into mid-month and to the next phase of that ~45-day cycle – inverting it and ushering the potential for a low…”
Bitcoin, in Nov ’21, fulfilled what its monthly and 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 projected to plunge into Sept ’22 – when monthly cycles project the next major low.
What does this mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.