Bitcoin Poised for Final Spike Low; ~29,000/BT Remains Key Support.
05/26/21 Weekly Re-Lay Alert – ““Gold Recovers as US Dollar & Bitcoin Languish”
Bitcoin fulfilled almost all the downside expectations it triggered when it reached its major upside target (~65,000/BT) and fulfilled multi-year wave objectives in mid-April – signaling that a ‘5th’ wave peak was unfolding. That was projected to trigger a sharp plunge back toward ~29,000/BT – the 4th wave of lesser degree support (and the 2021 intra-year low and support).
Last week, Bitcoin spiked down to 30,275/BTM while reaching its weekly HLS (extreme downside target for this week) and other extremes in the process. That should usher in a 1 – 2 month low in the ensuing weeks. A spike down to 28,000 – 30,000/BTM is possible before a bottom takes hold (particularly if any current rebound peaks at or below 42,000 – 44,000/BTM).”
Bitcoin has, for all intents and purposes, fulfilled ongoing analysis for a plunge below 30,000/BT after it previously fulfilled early-2021 projections for a surge to ~65,000/BT, where a higher-magnitude ‘III’ (3) wave was expected to peak and complete the parabolic phase of Bitcoin’s advance. (A corresponding ‘V’ wave peak could later retest or spike above that ‘III’ wave top.)
That was forecast to trigger a drop back to ~29,000/BT – its 4th wave of lesser degree support and what is now considered the most decisive level of 6 – 12 month and 1 – 2 year support. A final spike below 30,000/BT is still likely. If it can hold that downside target in the coming months, Bitcoin would likely set a 3 – 6 month bottom near there.
What could 2021/2022 outlook for Dollar & Gold mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.