Bitcoin Portends Downside into Sept ’22; June 8 – 10 Begins Next Down Cycle
06/04/22 Weekly Re-Lay – “Bitcoin has consolidated after spiking below 27,500/BTC – where its monthly HLS and 6-month HHL converged – on May 12. It would not show any signs of near-term strength until a daily close above 32,350/BTU. On balance, Bitcoin is still expected to move lower into Sept ’22.”
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 projected to plunge into Sept ’22 – when monthly cycles project the next major low.
What does this mean for the future of cryptos?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.