Bitcoin & Cryptos Signal Top; Project Plunge into Aug 15 – 22, ‘23!
07/19/23 – “The Dollar Index fulfilled its weekly trend pattern – projecting a drop to new lows – and its negative weekly 21 MAC signal – as well as its outside-week/2 Close Reversal lower on July 7. That was/is expected to spur a quick, sharp drop…
The Dollar is still expected to set a secondary high on Aug 14 – 25, ’23 – fulfilling 23 – 24 week & 11 – 12-week high-high-(high?) Cycle Progressions…
Bitcoin & Ether are also reinforcing signs of a peak after failing to give a weekly close above the prior highs while rallying into daily, weekly & monthly cycle highs on July 14 – 20, ’23, rallying for .618 of the time it (Bitcoin) previously declined.
These two cryptos could be producing a divergent (multi-week) peak in line with those cycle highs. On the July 14 weekly close, Ether generated the second neutral signal against its prevailing weekly downtrend (which turned down on the mid-June spike low) as Bitcoin failed to signal new strength.
As long as that remains the case, Ether would more likely head back to its mid-June low and at least briefly spike below it. The ‘ideal’ scenario would have Ether accomplishing that as Bitcoin pulls back to a higher low – with both bottoming in mid-Aug ’23.
Bitcoin has neutralized its daily uptrend multiple times but would not turn that trend down – and confirm a multi-week top – until a daily close below 30,050/BTU (29,650/ BTC). The daily 21 MAC could also play a pivotal role with the potential to turn negative on July 21 or 24.
Traders could have entered longs around 27,000/BTU and exited around 30,200/BTU w/avg gains of about $16,000/contract (or ~3,200 per bitcoin). TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver remain in multi-month consolidation phases between their late-Feb/early-March ’23 lows and the subsequent cycle highs set on May 3 – 5…
On a near-term basis, Gold & Silver have rallied since bottoming in late-June – fulfilling a ~17-week high-high-low-low-low-(low; June 26 – 30, ‘23) Cycle Progression… That would then be expected to spur a decline into Aug 21 – 25, ’23, the convergence of multiple cycles and timing indicators in Gold – including a ~3-month/~90-degree low (Nov 23) – low (Feb 27) – low (May 25/26) – (low; Aug 23 – 28) Cycle Progression.
It is also the mid-point of the latest phase of the ~17-week high-high-low-low-low-low (June 26 – 30) – (high; Oct 23 – Nov 3, ’23) Cycle Progression and, as a result, would reinforce the future cycle peak in late-Oct/early-Nov ‘23 if a low were set at that time.
If the late-Aug ’23 low is a higher low in Gold, it would set the stage for a significantly bullish period to follow. With Gold already setting a triple top near 2080/GC – over the past ~three years – it is likely to breakout above that level and accelerate higher before reaching the early-Nov ’23 cycle peak.
(xxxx – xxxx ’23 is a prime time for an accelerated rally if the late-Aug ’23 low concurs…
The XAU & HUI re-entered neutral territory while fulfilling near-term analysis for rallies to ~130 – 133/XAU & 254 – 257/HUI after fulfilling the outlook for intermediate lows in late-June/early-July.
The next decisive low is expected in mid-Aug ’23 – the convergence of a ~23-week high-high-high-low-low-(low) Cycle Progression and overlapping 45 – 51 week low-low-low-(low) Cycle Progression.”
Bitcoin & Ether fulfilled ongoing projections for a rally to new highs leading into mid-July (July 14 – 20), coinciding with a similar rally and peak in Gold & Silver (and XAU… and even Euro) and a corresponding decline and low in the US Dollar Index.
These markets (Bitcoin, Ether, Gold, Silver & Euro) are now expected to reverse and head lower into August 18 – 25, ’23, when the greatest synergy of cycles converge and portend the next 1 – 2 month (or longer) bottom, even as the Dollar Index should rally into that time frame.
The weekly trend pattern projects Ether to plunge below its mid-June ’23 low (~1,620/ETH) with Bitcoin dropping back toward, but ideally holding above, its mid-June ’23 low of ~24,800/BT… as they drop into August 15 – 22, ’23. The levels of those projected lows should clarify what to expect in Nov ’23 – the subsequent cycle low.
Is Bitcoin’s (& Cryptos’) 2023 Advance Complete?
How Low Will Next Correction Drop?
How Does Dollar/Gold/Crypto Analysis Reinforce Late-Aug ’23 Cycles?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.