Bitcoin Targets 45,000 – 48,000/BT For Next Peak; Dollar Cycles Bottom Late-Dec.
12/05/23 – “The Dollar Index reached multi-week downside targets & support (~102.40/DXZ), setting the stage for a 1 – 2 week low. It also fulfilled a 26 – 29-day high-high-high-(low; Nov 27 – 30) Cycle Progression while reinforcing the developing negative structure of the monthly trend & wave structure…
the intermediate trend remains down and could ultimately spur a new wave down – into the next phase of that ~4-week cycle in late-December ’23.
That is also when a ~24-week low-low-low-(low; Dec 26 – 29, ’23) Cycle Progression would mature.
The Dollar Index has been trading inside its rising monthly 21 MAC since March ’23 and ended the month dropping back to the monthly 21 Low MAC. If it closes below that average on December 29th, it would be the first time to do that since July/Aug ’21 (that level is currently at 102.86/DX on a cash basis, equivalent to about 102.40/DXH in March futures).
The Euro fulfilled the potential for a quick pullback but could now see a rally into late-Dec ‘23.
The Yen has rallied from intermediate support (.6610 – .6654/JYZ) and initially peaked at .6833 – .6870/JYZ, where three weekly LHRs converged with the declining weekly 21 Low MAC. It could see a rally to ~.7130/JYH in December.
Bitcoin & Ether resumed their rallies and could extend them into (at least) Dec 8 – 15, ’23, the next phase of 36 – 38-week high-high-high-(high) & ~13-week low-low-low-(high) Cycle Progressions.
Bitcoin has nearly reached its multi-month upside target – at ~45,000/BT (see Oct., Nov. & Dec. ’23 INSIIDE Tracks) – and could spike up to 47 – 48,000/BTC before a peak is seen. Ether reached its initial ~2,100/ETH target and could spike up to 2,350 – 2,450/ETH – where various wave objectives converge.”
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. A spike up to ~48,000/BT is likely before a 1 – 2 month peak would become likely.
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.