Bitcoin & Ether Setting Multi-Month Lows; Rally into early-Nov ’22 Projected.
09/21/22 Weekly Re-Lay Alert – “Bitcoin is in the midst of a multi-week period (Sept 6 – 23) when a 32 – 34-week low-low-low-low Cycle Progression – dating back to the March ’20 bottom – recurs and is projected to time a multi-month low. Cycles turn back up after that period.
The month of Sept ’22 is also when a ~15-month low-low-low-(low) Cycle Progression recurs and has been forecast to time the next major bottom in Bitcoin.
After Sept 23, weekly cycles will begin to turn positive for Bitcoin. On a daily basis, Bitcoin (and Ether) rallied into Sept 12/13 and could not turn their daily trends up – failing to signal that a multi-week bottom was yet intact. That signal projected a drop back to the lows, which both have since fulfilled.
In the process, Ether is tracing out a textbook ‘a-b-c’ correction (expected to form an overall wave ‘2’ pullback) – creating successive ~2-week declines of equal magnitude. That downside wave target, combined with 1 – 2 month support, creates the most synergistic range of support at 1180 – 1230/ETH. Bitcoin has related support at 17,800 – 18,400/BT.
Bitcoin is fulfilling the potential for a multi-month bottom after retracing .786 of its Mar ’20 – Nov ’21 advance (extreme retracement; 2DGR) – reaching 17,830/BTC, a major, 1 – 2 year downside target.
The daily 21 MACs have not yet turned positive and these cryptos would not signal new multi-week lows until (at the very least) daily closes above 20,600/BTZ & 1600/ERZ. Until then, the trends remain down”
Bitcoin, in Nov ’21, fulfilled projections for a 5th of 5th wave peak in sync with a ~4-Year low (2009) – high (Nov/Dec ’13) – high (Nov/Dec ’17) – high (Nov/Dec ’21 Major Top) Cycle Progression. That also fulfilled the multi-year outlook for a major advance into 2021 when Currency War Cycles culminated and when the US Dollar would begin to rally and suppress the Crypto market.
Since then, Bitcoin was projected to plunge into Sept ’22 – when the next multi-month low was expected. Critical support near 18,000/BT is holding and could spur a 1 – 2 month rebound into early-Nov ’22 – when the next multi-month high is most likely. Major 1 – 2 year downside target remains at ~13,800/BT.
How Long Should Sept ’22 Cycle Low Hold?
Why is Early-Nov ’22 Decisive Time for Cryptos??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.