Bitcoin Plummets as Gold Rallies; Plunge Below 30,000/BT Projected!
01/20/22 INSIIDE Track Update – “The Dollar Index bounced after testing and holding its weekly HLS last week. It has approached weekly resistance but reversed its daily trend back up in the process – leaving it in no-man’s-land on an intermediate basis…
Bitcoin is consolidating after bottoming at its 2 – 3 month downside objective (40 – 42,000/BT) – where a multi-week low had been forecast. That spurred an initial rebound but Bitcoin would not turn its daily trend up – and confirm a multi-week low – until a daily close above 44,675/BTH. Until that occurs, the trend is down.
While this recent sell-off fulfilled one level of correction, Bitcoin could ultimately make it down to 35 – 36,000/BT and then to 29 – 30,000/BT – downside targets for higher magnitude corrections. That is due to the multiple levels of ‘5th’ waves that were fulfilled at its high in Nov ’21.
The lower of those two targets is where the ‘4th wave of lesser degree’ – for the entire ~3-year uptrend (from the Dec ’18 low) – is positioned. A 15-month low (9/17) – low (12/18) – low (3/20) – low (6/21) Cycle Progression recurs in Sept ‘22 and could time the next major low…
Gold & Silver are breaking out to the upside after consolidating long enough below the Jan 3 – 5 highs to validate the 7-week low-low-high-high Cycle Progression that timed that peak (and projects another in late-Feb ‘22).
Ever since Gold & Silver dropped right to monthly support levels on Jan 7 (the downside target for their intra-month downtrends) – as they were neutralizing (but not turning down) their daily uptrends – they have headed higher and been on track for a rally to monthly resistance levels.”
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 on track for an initial plunge to 40,000 – 42,000 (ideally in 2021) and an overall plummet to 29,000 – 30,000/BT – its most decisive level of monthly support. Bitcoin’s unfolding sell-off is powerfully corroborating the outlook for 2022! At the same time, Gold has taken the opportunity to rally after both Bitcoin and the Dollar peaked in Nov ’21.
What does this mean for the future of cryptos? What potential is there for Gold??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.