Bitcoin & Cryptos Confirm Peaks; Project Plunge into Aug 15 – 22, ‘23!
07/22/23 – “The Dollar Index is rebounding after fulfilling its weekly trend pattern by dropping to new lows. That sell-off also fulfilled its negative weekly 21 MAC signal and outside-week/2 Close Reversal lower on July 7. The ensuing rally has already turned the daily trend up, increasing the likelihood a multi-week low has taken hold.
The next, more synergistic, cycle convergence arrives on Aug 14 – 25, ’23 – the latest phase of 23 – 24 week & 11 – 12-week high-high-(high?) Cycle Progressions. That has been expected to time a subsequent high…
The Euro reversed lower after fulfilling the outlook for a rally into mid-July, the intra-month uptrend target and the convergence of a ~12-week high-high-(high) Cycle Progression and over-arching 24 – 26-week high-high-high-(high) Cycle Progression…
Bitcoin & Ether are reinforcing signs of a peak after failing to signal new strength while rallying into daily, weekly & monthly cycle highs in mid-July ’23. The weekly trend pattern in Ether corroborated that, turning neutral twice (from down) but failing to turn back up on July 14. That could/should spur a drop back to its mid-June low leading into mid-Aug ’23. Bitcoin would likely set a higher low at that time.
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… 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…
(xxxx – xxxx ’23 is a prime time for an accelerated rally if the late-Aug ’23 low concurs. That is due to key cycles and the weekly 21 MARC.)”
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 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.