Bitcoin & Ether Pausing; Overall Surges to ~45,000/BT & 2,100+/ETH Expected.
11/08/23 – “The Dollar Index plunged to begin November, confirming a secondary high and generating an outside-week/2 Close Reversal lower. That reinforced the outlook for a new decline into Nov 13 – 17 ’23 – a 50% retracement in time (12 wks up, 6 wks dn) and fulfillment of an ~18-week high-low-(low) Cycle Progression.
It has already tested monthly support but would not turn the intra-month trend down until a daily close below 104.78/DXZ. In recent days, the Dollar Index has bounced to its declining daily 21 Low MAC (~105.64/ DXZ), which would be the ideal scenario to precede another 3 – 5 day decline. If that begins immediately, the Dollar could drop to ~102.50 – 102.90/DXZ.
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) – and potentially higher – 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 exceeding its 2 – 4 week upside target at ~35,000/BT… Bitcoin has multiple weekly & intra-month upside targets and/or resistance levels at 39,500 – 41,500/BTC.”
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 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.