Bitcoin & Ether Begin December Surges; Overall 45,000/BT Target in Focus.

12/02/23 – “The Dollar Index reached multi-week downside targets & support (~102.40/DXZ), setting the stage for a 3 – 5 day low.  It also fulfilled a 26 – 29-day high-high-high-(low; Nov 27 – 30) Cycle Progression while reinforcing the developing negative structure of the monthly trend & wave structure…

The Dollar Index has been trading inside its rising monthly 21 MAC since March ’23 and ended the month dropping back to the monthly 21 Low MAC.  If it closes below that average on December 29th, it would be the first time to do that since July/Aug ’21 (that level is currently at 102.86/DX on a cash basis, equivalent to about 102.40/DXH in March futures).

December ’23 begins a sharp surge in the monthly 21 MARC, which is inversely correlated to the monthly 21 MAC.  As a result, that 21 MAC will have a much easier time turning down in the coming months.  That would add another negative factor to the Dollar Index, heading into 2024.

The Euro fulfilled the potential for a quick pullback but could now see a rally into late-Dec ‘23.

The Yen has rallied from intermediate support (.6610 – .6654/JYZ) and initially peaked at .6833 – .6870/JYZ, where three weekly LHRs converged with the declining weekly 21 Low MAC.  It could see a rally to ~.7130/JYH in December.

 

Bitcoin & Ether resumed their rallies and could extend them into (at least) Dec 8 – 15, ’23, the next phase of 36 – 38-week high-high-high-(high) & ~13-week low-low-low-(high) Cycle Progressions.

The Dollar Index bottomed and bounced after reaching 102.40/DXZ and fulfilling a 26 – 29-day low-low-low-high-high-high Cycle Progression.”

 

Bitcoin & Ether are reinforcing projections that their Nov ’22 lows are multi-year lows that would spur large advances into late-2023/early-2024.  Bitcoin’s September buy signals projected a 1 – 2 month surge to ~35,000 (already fulfilled) and a larger 3 – 6 month advance to ~45,000/BT.  Ether is on track for at least ~2100/ETH (fulfilled) and potentially ~2,300/ETH.

On balance, cryptos could work higher into (at least) Dec 8 – 15, ’23 – the next phase of the ~3-month/~90-degree cycle that timed consecutive lows and is due for an inversion.  Ether is showing that this overall advance could stretch into Feb 2024.

 

Has Dollar Completed its Multi-Year (~14-year) Uptrend?

Are Anti-Dollar ‘Currencies’ (Cryptos & Metals) Poised for New Bull Markets?

How Does Bitcoin/Ether Action Corroborate 2024/2025 Outlook?

 

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