Bitcoin Negative into Sept ’22; Late-June = Intermediate Low!
05/14/22 Weekly Re-Lay – “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. It reached its primary downside target for 2022, spiking down to ~27,500/BTC where its monthly HLS and 6-month HHL converged. However, the weekly close was back above the June ’21 low, showing that Bitcoin is initially holding that support.
This latest decline fulfilled its weekly trend sell signal (late-March) and perpetuated what is now a 45 – 48 day low-low-high-high-high-high-(low; May 12/13) Cycle Progression. That should produce a subsequent low in late-June. On a broader basis, the test of those decisive price targets shows that Bitcoin could ultimately drop lower in 3Q ‘22.”
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.