Bitcoin & Ether Validate Buy Signals; Project Multi-Week Rallies.
07/17/24 – “Stock Indices are fulfilling contrasting cycles… Indexes like the DJTA – which had undergone a ~4-month/~10% correction from its early-February high – generated an outside-week/2 Close Reversal buy signal on July 12th, while neutralizing the structure of its weekly 21 MAC (previously negative).
The S+P Midcap 400 was similar, triggering an outside-week/2 Close Reversal buy signal on July 12th, while closing above its weekly 21 High MAC (after repeatedly testing and holding its rising weekly 21 Low MAC in the preceding weeks but failing to turn it or the weekly trend down).
At the same time, the Russell 2000 turned its weekly 21 MAC structure positive on July 12th (closing above the 21 High MAC while turning its direction up) while reversing its weekly trend back up. These surges were a surprise in this time frame but they do reinforce the 17-Year Cycle parallels (to 2007)…
This is remarkably similar to what occurred in July 2007 – the previous phase of the 17-Year Cycle that has been monitored all year.
At that time, the DJIA had consolidated in May & June ’07 and then triggered a bullish surge during the second week of July (July 9 – 13, 2007) before spiking higher during the ensuing week and setting a new 1 – 2 month peak (July 16 – 20, 2007).
It then sold off into mid-August ‘07 before rallying into mid-October ‘07 and setting a final peak.
In 2024, the DJIA consolidated in May & June ’07 and then triggered a bullish surge during the second week of July (July 8 – 12, 2024) before spiking higher during the ensuing week (July 15 – 19, 2024).
Could it now set a new 1 – 2 month peak, sell off into mid-August, and then rally into mid-October and set a final peak?
Bitcoin & Ether bottomed in line with monthly, weekly & daily cycles in Bitcoin that projected a low around July 8th followed by a surge into [reserved for subscribers]…
They bottomed as Bitcoin fulfilled a ~10-month high-high-high-low-low-low (Sept ’23) – (low; July 2024) Cycle Progression and a ~68-day low (10/11/23) – low (12/18) – low (2/23/24) – low (5/01/24) – (low; July 8, ‘24) Cycle Progression while also completing successive ~7-week declines – textbook corrective wave symmetry.
On July 10, 2024, both Bitcoin & Ether triggered new 2 – 4 week buy signals and projected rallies back to their March ’24 highs… and potentially higher. They are now confirming those signals and increasing the likelihood for a surge…
2 – 4 week traders could have entered long positions in Bitcoin & Ether near 57,350/BT (~58,600/BTU) & 3,100/ETH – basis the strategy outlined in the July 10, 2024 Weekly Re-Lay Alert and should be holding those long positions w/avg open gains of about $7,200 per bitcoin or $36,000 per futures contract.
Move trailing stops and now exit on a drop below [reserved for subscribers]…” TRADING INVOLVES SUBSTANTIAL RISK!
Bitcoin & Ether have likely set multi-month lows with Bitcoin fulfilling multi-month cycle lows and projecting an ultimate rally above its March 2024 high – potentially lasting into key cycles discussed in the January ’24 issue of The Bridge.
(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?
Why are Bitcoin & Ether Ready to Enter a July Surge?
How High Could Next Crypto Rally Reach?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.