Bitcoin is at a precarious position and trading near the previous major swing low around 17567. If this breaks then the next major support is around 11900/12000 zone. Wave wise, we’re in wave Z of complex correction and the level also coincides with size of wave Z if we take Z = W.
Here is daily chart of Ethereum. From the recent top made on 14th August, ETH has fallen in clear 5 waves which tell us that near term trend is down. We currently seem to be in corrective wave 2, though it might already be over since it has retraced 38.2% which is the minimum we…
Among the big ones, Cosmos (ATOM) is one of the few cryptos that managed to give a monthly positive close for August. Most others including BTC, ETH, SOL et all, closed negative. Surprisingly, the other one that gave a positive close was SHIBAINU, though just barely. Seems like ATOM has higher relative strength. Typically, the higher the…
BNBUSD (Binance Coin) formed a nice H&S (head and shoulder) formation, broke down and now retesting the neckline. Notice the decreasing volume on rise from beginning of August which shows weakness. Neckline around 288 seem like a good place to short and we might see 225 or lower levels in days to come.
I have refrained to analyse Torum so far since it’s relatively new and for counting long/medium term Elliott Waves, there has to be enough (a few years) data. Today I was able to count a clear 5 wave impulse up in daily chart hence decided to give it a go. From July 13th, Torum went…
BTC has broken down from a bearish channel/flag with good volumes. Minimum we’re looking at is around 20K (height of channel). Trading around $20750 as of writing this. However, if we consider the flag pattern then the downside would be much deeper, around $19K.
This is weekly chart of Bitcoin. From start of 2019, Bitcoin (BTC) has been in a clear 5 wave impulse which ended in September last year after seeing a peak price of $69K. Since then BTC has been in corrective mode. Earlier it looked like regular zigzag (ABC) correction and my assumption was that downside…