Bitcoin Retests July Low; Reinforces Multi-Month Cycle Low.
08/10/24 – “Bitcoin & Ether plunged along with stock markets after triggering traders to exit longs on July 25th & August 1st. That inverted an ~11-week cycle in Ether, spurring a drop into August 8 that fulfilled a ~70 – 76-day/10 – 11 week low-high-high-high-(low) Cycle Progression…
2 – 4 week traders could have exited long Bitcoin & Ether positions w/avg. gains of about ~$27,500/ BTU & ~$4,500/ERU.” TRADING INVOLVES SUBSTANTIAL RISK!
Bitcoin & Ether plunged after triggering exit signals in late-July & early-August. They have likely set another pair of multi-week lows in August, reinforcing the multi-month cycle lows set in July in Bitcoin. That reinforces the overall outlook for 2024 and begins to pivot the focus to November 2024 – the convergence of a myriad of pivotal cycles in Bitcoin.
(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?
What is Significance of Bitcoin Multi-Month Cycle Low?
How High Could Next Crypto Rally Ultimately Reach?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.