Crypto Cycles For May 2024 – Crypto Piece
This Looks Promising
This Crypto article has A LOT of different Cycles Forecast for May 2024. Make sure to note down all the important dates, levels and turning points!
We’ve now officially reached the most bearish Crypto sentiment since the runup that began in Oct 2023. Importantly, price has still maintained a higher low. We’ve been calling for this to just be a consolidation before the next move up (not reaching in the lower $50k’s like a lot of people expect), and that’s how it seems to be playing out for now. But based on our experience and the type of runup, one thing is for certain, either this is a left-translated Crypto Cycle OR it’s a Super Cycle.
Our base case is that it’s the former because even IF we’re long, a Super Cycle allows us more time to adjust and adapt to still Make Money. But IF one is playing this Crypto Cycle like a Super Cycle and it ends up being a left-translated one, then they’ll be left not only holding their bags, but also averaging their entries throughout a bear market. The latter is very painful (from my previous experience), so at Cycles Edge, we’re going to do everything necessary to primarily “Make Money” and adapt the strategy to maximize this goal, even if this ends up being a Super Cycle (just gives our members more Money to make!)
Techncials – Bitcoin And Ethereum
Bitcoin seems to be doing a false breakdown below its symmetrical triangle consolidation. The current consolidation is showing a large wick that tested the 21-week EMA, but still managed to close that week above the 9-week EMA. This is objectively a very bullish development. Of course, we’re open to some more short-term volatility, but after such price action, upside potential is higher than downside risks.
During Bitcoin’s consolidation, Ethereum retested the $2977 support level and has still managed to hold this as support. Although ETH is below its 21 and 55 daily EMA, it has just recaptured the 9 EMA, which is a short-term bullish development. A break above the downtrend line should put the support zone between $3300 to $3550 back into play and above that is the $3991 region.
However, a failure to hold the 9 daily EMA and the $2977 as support would end up with a move as low as $2499 (unlikely in our opinion, but IF it does happen, then that would be a level to consider seriously allocating for significant upside).
Intermarket Analysis
Of note, is the deviation that USD ($DXY) had above the range high, just to close back into the range, which is typically a bearish sign. The 9 and 21 daily EMA have been broken through on the downside and are both curling down now, which should act as resistance. The next level to break on the downside would be the 55 daily EMA, before the mid-range around $103.5 gets back on the table. Overall, the price action of USD ($DXY) is showing signs of supporting another runup in risk-on assets.
There’s one intermarket analysis chart that’s screaming that Bitcoin is about to enter a state of parabolic runup in the coming months. If this chart confirms the breakout, then it’s only a matter of time from an intermarket signal perspective before Bitcoin starts its jet engines. That’s exactly what we’ll be covering next for our paid members, where our only goal is to “Make Money!”
But that’s not all that’s in store for our paid members. This is a Cycles Forecast focused article. So we’re going to go over our proprietary Cycles Forecast for Bitcoin and Ethereum for May. Then we’ll look at 3 Crypto-related stocks, namely, Coinbase, Marathon Digital, and CleanSpark, along with our Cycles Forecast for the miners, so that our members know how to maximize profits in May! Let’s begin:
Intermarket Analysis (Continued) – Don’t Miss This One