After breaking the strong resistance in the range of 1.10331 and 1.09901, the price of EUR against USD has now reached the top of this area and everything can be decided by buyers. After three unsuccessful attempts, they finally managed to conquer the multi-month rectangle and now they have a very good chance to push the price to 1.15500.
The dollar can once again try its luck to cross the 121 channel and it seems that from November 2023 we will have a one-year upward rally for the US dollar.
As long as the price has not crossed 2070 again, we can look for the optimal entry zone where the third floor is located. Maybe this opportunity will happen on October 16, 2023 at the price of 1800. If the price passes 2070 before reaching this range, it will mean the end of the correction and the possibility of eating the last ceiling will be very likely.
If we analyze Bitcoin solely based on its weekly chart with its symmetrical movement patterns, the result would be what you see in the image. The completion of wave b would be around $38,000, followed by a price retracement to the range of $8,500 to $11,000 to complete wave c. From that area, we can expect Bitcoin to grow again towards wave four and beyond,...
Weekly changes in the US dollar index...
Weekly changes of the US dollar index using Elliott waves.
The US dollar will continue with a gentle slope in the descending channel and in the coming months it could become a little stronger and then continue its downward trend.
The return area with high probability for EURUSD based on the price floor of May 31 and the pattern in the recent correction can happen from the specified area, and the first price destination can be the 1.11 channel, and then the price ceiling will be tested on July 18.
Ethereum can form a weekly suffering zone so we have to walk with it step by step. Keep in mind that this analysis is predicted in the form of an order, and the condition for the activation of the order is that the price exceeds 2031.6. As long as the ceiling of 3587 is not broken by the price, the main trend of Ethereum is downward, so be careful in maintaining...
We are at the end of a correction wave.
Even if Bit wants to start a new uptrend, it's definitely not that simple, he has to take all the tricks and unload the sellers, so we can't move ahead of the market decision. This is going to be a tough hurdle for Bitcoin and we are bound to look bearish in this area based on the trend
