Bitcoin Poised for August Low; Is New Buy Signal Imminent?

08/07/24 – “Bitcoin & Ether plunged along with stock markets after triggering traders to exit longs on July 25th & August 1st… That reinforces the significance of the March 2024 peaks – the fulfillment of ~16-Month cycles.  It also shows that weekly cycles in mid-August could invert and time a low.

2 – 4 week traders could have been in long Bitcoin positions from ~58,600/BTU and exited on August 1 w/ avg. gains of about ~$27,500/Bitcoin contract (~$5,500 per bitcoin).  Ether positions could have been exited on July 25th w/avg. gains of ~$4,500/contract.”  TRADING INVOLVES SUBSTANTIAL RISK!

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Bitcoin & Ether have plunged after triggering exit signals in late-July & early-August.  They are poised to set another pair of multi-week lows in August, reinforcing the multi-month cycle lows in Bitcoin.  That reinforces the overall outlook for 2024 and begins to pivot the focus to November 2024 – the convergence of a myriad of pivotal cycles in Bitcoin.

(Refer to January 11, 2024 The Bridge – Crypto Currency War Continues and other special updates and reports for additional analysis.)

 

What Does Bitcoin’s Overall Wave Structure Reveal?

What is Significance of Bitcoin Multi-Month Cycle Low?

How High Could Next Crypto Rally Ultimately Reach?

   

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