Why Bitcoin likely bottoms out in July

Jun 29, 2022 • 4 Min Read
The video in this report is only accessible to members
The video in this report is only accessible to members

The SPX showed just minor downside follow-through after Tuesday’s reversal but might not immediately weaken down to prior lows ahead of the US July 4th holiday.   As mentioned, prices reversed on cue Tuesday due to a combination of Elliott-wave analysis with Gann analysis which provided price and time targets based on the prior June 16th bottom.  I expect that the next couple days might show prices attempting to stabilize and bounce by a minor amount.  Yet, trends now have turned bearish, and I do not anticipate that Tuesday’s highs of 3945.86 will be taken out before prices make their way down to challenge and undercut 3636.87, even if this might require a couple weeks.   Overall, while I do suspect markets are in the final wave down from late March (which should bottom in July at marginally lower lows) momentum and trends are bearish.  Any retest of lows and violation will likely produce some ample positive momentum divergence and exhaustion signals which should provide buy signals for this decline. At present, this is still early, but any pre-July 4th bounce likely is a selling opportunity for July weakness.

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Bitcoin could show Weekly, Monthly Exhaustion lining up in July &n...

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Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in SPX, but also successfully exceeded 3-4 month downtrends for SPX and DJIA.  Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume.  Hourly charts show this breakout above the two former peaks...

Bitcoin (BTC 1.23% ) broke out of its triangle pattern today, Monday 11/8, and could set a new all-time high close above 65,990.31.Relatively speaking, BTCUSD should begin to gain in relative strength based on a minor breakout in its Dominance chart which should help its market capitalization start to pick up speedLTCUSD, ALGOUSD, and LINKUSD all should be favored for gains in the weeks ahead as these are making favorable technical breakouts...

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