The medium-term bullish outlook on Bitcoin should be close to materializing as the recent consolidation phase nears completion.

The expected bull trend should complete the cyclical upside that started at circa $ 16 000.

This view is despite our well documented fundamental scepticism.

Ethereum remains somewhat of an enigma. It does seem, however that the market is constructing a medium-term bottom

that could result in a meaningful bull phase/relief rally.

The general bearish stance on the US Dollar remains preferred.

An expected correction in the bear trend has, however exceeded the indicated target levels.

This counter trend strength requires us to suggest a viable alternative possibility for a return to the largely ranging market conditions before the recent bearish break out.

Fortunately pivotal activation levels are quite close to current market levels.