Bitcoin & Ether Remain Bullish; Overall Surge to ~45,000/BT Expected. Dollar in Trouble.
11/04/23 – “The Dollar Index confirmed a secondary high and generated an outside-week/2 Close Reversal lower – reinforcing the outlook for a new decline into Nov 13 – 17 ’23 – a 50% retracement in time (12 wks up, 6 wks down) and the fulfillment of an ~18-week high-low-(low) Cycle Progression.
While there remain weekly/monthly cycles that return in Jan ’24, it is important to examine key price factors about the Dollar’s recent rally. The most important is the monthly trend, which twice turned neutral (from down) as it rallied into early-Oct ‘23.
It would not turn that trend up until a monthly close above 107.05/DXZ. Markets often peak at this time – within a monthly trend evolution – so the action of the weekly trend will be a revealing factor. If it turns down, it could signal that the early-Oct ’23 high was the peak for the Dollar and a Jan ’24 high would likely be a lower one. It cannot turn its weekly trend down until Nov 17, at the earliest.
The Euro is the inverse and is rallying after bottoming while twice neutralizing its monthly uptrend. It was/is projected to spur a rally into mid-Nov ’23 – the fulfillment of a ~4-month low (Mar 15) – high (July 17/18) – (high; Nov 15 – 17, ’23) Cycle Progression – before a multi-week high takes hold. A quick surge to its monthly LHR (1.0917/ECZ) is likely in November.
The Yen spiked down to monthly support and weekly HLS synergy at .6610 – .6654/JYZ at the end of October. It has since bounced but would not show any signs of bottoming until a daily close above .6780/JYZ.
Bitcoin & Ether have surged with Bitcoin attacking its 2 – 4 week upside target at ~35,000/BT. They have initially advanced into the first half of Nov ’23 – fulfilling a ~4-month/~18-week low-low-high-(high) Cycle Progression and 360-degree/~1-year moves from the Nov ’21 peak and Nov ’22 low.
They would need daily closes above their Nov 2 highs to project any further upside during this phase of their multi-month advances.”
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 and potentially ~2,300/ETH.
On balance, cryptos could work higher into (at least) Dec 11 – 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 Surges?
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.