Bitcoin & Ether Reinforce Bullishness into Dec ‘23; Surges to ~45,000/BT & 2,100+/ETH Likely.
11/18/23 – “The Dollar Index remains under the negative influence of its outside-week/2 Close Reversal sell signal – fulfilling projections for a spike lower into Nov 17/20 ’23 – a 50% retracement in time (12 wks up, 6 wks down) that fulfills an ~18-week high-low-(low) Cycle Progression…
From a broader perspective, the monthly trend setup remains in focus. As the Dollar rallied into October ’23, it twice neutralized its monthly downtrend. It would not turn that trend up until a monthly close above 107.05/DXZ.
Markets often peak at this stage of a monthly trend evolution so the action of the weekly trend – which cannot turn down until Nov 24th at the earliest – should have a crucial impact on the outlook for late-2023 and early-2024. It would take a weekly close below 103.68/DXZ to turn that trend down.
The Dollar Index just attacked its monthly HLS (103.76/DXZ) but has multiple targets & support levels at 102.40 – 102.78/DXZ.
The Euro fulfilled projections for a surge into Nov 17/20 and triggered a decisive signal in the process. It turned its weekly trend up, reinforcing its early-Oct ’23 low and elevating this rally to the next higher magnitude. That could soon lead to an initial multi-week high (reinforced by the Euro testing its monthly LHR at 1.0917/ECZ), since it is a lagging/confirming indicator that often reverses just before/at an initial high. However, it also portends a future advance.
The Yen rebounded from intermediate support (.6610 – .6654/JYZ) and could initially rally to .6833 – .6870/JYZ, where three consecutive weekly LHRs converge with the declining weekly 21 Low MAC.
Bitcoin & Ether have consolidated after Ether attacked its ~2100/ETH target & critical resistance. After some consolidation, cryptos could see a new surge into late-Dec ’23, the next phase of a 36 – 38-week high-high-high-(high) Cycle Progression.”
Bitcoin & Ether are reinforcing projections that their Nov ’22 lows are multi-year lows that would spur large advances into late-2023/early-2024. Bitcoin’s September buy signals projected a 1 – 2 month surge to ~35,000 (already fulfilled) and a larger 3 – 6 month advance to ~45,000/BT. Ether is on track for at least ~2100/ETH and potentially ~2,300/ETH.
On balance, cryptos could work higher into (at least) Dec 11 – 15, ’23 – the next phase of the ~3-month/~90-degree cycle that timed consecutive lows and is due for an inversion. Ether is showing that this overall advance could stretch into Feb 2024.
Has Dollar Completed its Multi-Year (~14-year) Uptrend?
Are Anti-Dollar ‘Currencies’ (Cryptos & Metals) Poised for New Bull Markets?
How Does Bitcoin/Ether Action Corroborate 2024/2025 Outlook?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.