Ethereum Might Have Bottomed; Elliott Wave AnalysisHello Crypto traders, today we will talk about Ethereum, its price action from technical point of view and wave structure from Elliott wave perspective.
Crypto market is actually still at the lows, but Ethereum is one of the strongest cryptocurrencies for the last couple of weeks. It can be actually already turning bullish after it reached projected strong support zone with equal wavelength A=C. So, we believe it's quiet leading indicator, which suggests that Crypto market may have found the bottom.
From Elliott wave perspective ETHUSD made nice and clean A-B-C corrective decline from all-time highs, called Elliott wave zig-zag correction. But, to confirm low in place and bulls back in the game, we need to see a five-wave recovery back above 2150 level.
From technical point of view ETHUSD found the support exactly at the support line of a corrective channel, however, bulls can be considered only if we get bigger rally back above channel resistance line.
All that being said, we think that Ethereum may have a completed correction from the all-time highs and we expect more upside while the price is above 880 lows, just be aware of short-term pullbacks.
All the best!
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Correction
Bitcoin. Bearish Idea. I published bullish idea but also have bearish Idea that needs to be pointed out. There is a bearish order block near near 29-30k level that is confluent with .386 of the high of 1st macro pivot. Also, another target at golden pocket of local pivot with .386 of macro high. It would make more sense that a zigzag (5-3-5) "should" have equal size leg (1-1 extension). All options should be on the table and make sure all validation and invalidation points are marked and go from there.
Bitcoin - Divergence (Live Example)Divergence:
Warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
For confirmation the completion of the full 5 Wave Impulse cycle, we look for the 5th Wave to show signs of divergence. This is our first indicator that we might begin to see the ABC correction starting to form.
Price going higher, however the Stochastic RSI going lower.
$BTC 👀 – 07/27/2022 #WaveRecount$BTC 👀 – 07/27/2022 #WaveRecount - 📸 🚨
📌 Let me first say, #ElliotWaveTheory wave counting is #subjective. When rules are invalidated by price action, you simply pick yourself up, brush yourself off, and you revise the wave count (recount) accordingly.
📌In this case, upon release of the #Feds decision to #hike the interest rates by another 0.75 #percentage #points. The #DXY (US Dollar Currency Index) , plummeted meanwhile #stocks #indexes #cryptocurrencies rallied.
⚠️ For $BTC specifically, I am subjectively considering the overall corrective wave B (in black) finished; as the break-and-close above $22,264.81, represents a #BreakOfStructure and invalidates the idea of an extended corrective wave c (in blue).
📌 We are now currently working on corrective wave C (in black), which is #bullish impulse wave of 5 swings. Therefore, I recounted the waves and relabeled them accordingly (see the updated screenshot).
🎯 As we are already in Impulse Wave i (in blue), we could enter ('Buy Positions') on the completion of corrective wave ii (in blue) after either 3-7-11 swings down.
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📈 View My Chart:
⚠️ This is not investment or financial advice; Anytime you enter the #markets, you fully accept the #implications at your own risk❗️
#longterm #learning #makingmoneymoves #invest #strength #buildandgrow #breakingnews #crypto #cryptowinter #ElliottWave #FedReserve #StrongDollar #FOMC
$BTC (Bitcoin) - 15 Min AnalysisI am expecting Bitcoin to continue it's downward pursuit, as we slowly but surely are making our way to the completion of the corrective wave c (of larger corrective wave B).
In the near short-term, I am spotting some institutional points of interest such as #imbalance and #Liquidity. It also appears to be performing another potential ABC Flat Irregular/Expanded Flat.
This would fit my narrative, as it would provide for a perfect liquidity sweep (aka stop hunt for recent sellers, as well as for recent buyers), meanwhile it will clear up some imbalance price action caused when the price sold off too quickly.
This is for informational purposes; If you participate in the markets you are fully accepting those risks on your own.
Bitcoin in 1 Minute - Day 35Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
35 out of 500 days done.
I truly appreciate your continuous support everyone!
Let me know if you like the series, and if you would like me to change or add anything.
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck!.
All Strategies Are Good; If Managed Properly!
~Rich
BTC (Bitcoin) - 45 Min - UpdateThis is my revised wave count to account for multi wave extensions nested. Bitcoin while completing an ABC Flat (Irregular / Expanded) correction, touched the Golden Zone, and then bounced up to complete Wave C of the Flat.
Special Tip: Flats (Irregular / Expanded) are quite common, as they inevitably run stop losses on both sides, and further introduce new liquidity into the market by so.
Next move on EURUSD pending This week we're about to see the FED Interest Rate decision.
This will most likely cause some moves and bring some trading opportunities.
On EURUSD we could expect that to push price above 1,0278 and take it up to our sell zone.
That's where we will look for possible short positions.
The target will then be a breakout below 1,0000!
Big Shifts for Indices incoming Hey Guys, The US100 just broke out of its consolidation pattern and currently retesting should bounce off or coil during this intense week of earnings and news. As shown, I expect the price to retest the downtrend resistance line in yellow but it's a strong trend line and has the 200-day ma that will push them down. We Have so many indicators showing we are going to have more volatility coming. As shown below we have a head and shoulders pattern on the US10Y, we are hitting trend lines on the VXN & VIX, Silver is still falling and all major us indices have a bearish engulfing candle. So my belief is that we will roughly follow the trend outlined (A-Y) hitting our last leg down then possibly if gold and silver find support and the DXY hits its trend line again pushing it down the US markets could bull hard out of the downtrend as inflation price pressures are calming down ( Commodity prices and excess stock ) coming into play just like what happened during the 1970s. I don't think the economy or the stock market is out of the woods when it comes to inflation though like all inflation cycles it comes in waves and progressively gets worse each inflation pulse greater than the last.
But there will be periods of relief in between these pulses, when we hit that Y leg look for divergence on the RSI, strong rejection off the support line of the downtrend, Silver and gold bulling, Vix & VXN overextending, Bond yields continue to fall, DXY falling. These will be the signal that we will bull out of this downtrend and wait for the next inflation spike probably start-mid 2023. Keep an eye out for contagion with Sri Lanka, According to the UN there are up to 69 countries all facing a similar Debt crisis that could lead to civil unrest and with the war in Ukraine not stopping anytime soon food and energy security is extremely fragile for these nations.
Im going to be posting Charts on the silver/gold, US10Y, DXY,AUD/USD as well expressing these point more.
BTC Weekend correctionsIt was crazy week, to be honest, I was waiting corrections on 21 of July, but then we had fake growing.
The optimistic way:
0.38 Fibo will be new support level
The pesimistic way:
0.38 will be broken and will have cascade liquidation till 0.5
22147 will be new resistance level.
How do you feel about
AUDJPY Potential Buy from Support Welcome back! Here's an analysis of this pair!
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The rise on EURUSD has not finished yet The pullback on EURUSD continues and it's now moving towards 1,0360 where we may also see higher values than that.
Tomorrow the ECB will announce the interest rate and this will be a suitable moment to see price at our expected levels.
We will be selling this pair only after a confirmation!
The pullback on EURUSD continues Yesterday, we saw reaction at 1,0200 followed by rejection.
It looks like this pullback will have enough strength to continue around 1,0360 which is the 61,8 Fibonacci level on the last move.
Once we see the market trading around those levels, we will look for further sell positions.
Don't forget about the ECB interest rate decision that comes out on Thursday. That will most likely cause some extra volatility on EURUSD!
MATIC Hits Key Support: Elliott Wave AnalysisHello Crypto traders, Crypto market in general is still in downtrend, but we see MATIC moving at very deep strong support zone. This is actually key support level, from where we can expect bounce, recovery and potentially bullish reversal soon.
Well, despite current intraday drop in the Crypto market, MATIC is one few coins who is acting quite strongly. From Elliott wave perspective, we are actually looking for a completed weekly wave 4 correction. And, the main reason is a nice EW channel connection and same wavelength 2=4.
On a daily chart we can already see it trying to break above resistance line of a corrective channel after an Elliott wave three-wave (A)-(B)-(C) corrective decline. So, if we see a rally back to 1.3 level, then we can easily expect a bullish resumption back to all-time highs for wave 5.
Happy trading!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.