EW Analysis: ETHUSD May Face Strong ResistanceHello traders!
Today we will talk about Ethereum (ETHUSD), its price action from technical point of view and wave structure from Elliott Wave perspective.
Well, BTC is in a massive rise but this is mainly because of BTC.Dominance, which is after a long time, finally back in the game and it can be just the beginning of a new cycle. That's why ALTcoins, such as ETH and others are in a slow recovery mode, which we see it as a correction.
As you can see, ETHUSD has slow and corrective (a)-(b)-(c) structure in wave "b" and it's right now approaching strong 400-420 resistance area around that resistance line of a corrective channel and important 50%- 61,8% Fibonacci retracement. So, watch out at this stage, because wave (c) can be forming a potential ending diagonal and we know how powerful wedge patterns are.
If we are on the right path and ETH turns sharply and impulsively down from projected resistance zone, then it could be easily headed even lower as part of a deeper a-b-c correction down to 255 - 215 support zone.
Good luck and trade well!
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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.
Clearpattern
EW Analysis: DigiByte Can See A Deeper Corrective DeclineHello traders!
Today we will talk about crypocurrencies, specifically DigiByte (DGBUSD) and it's price action from Elliott Wave perspective.
Cryptocurrencies are turning to the downside together with stocks after that strong and impulsive rally from March lows. Why cryptocurrecies follow the stock market is because they are not generally in use yet and they are just speculative asset based on investors mood at the moment. So, if investors do not trust the stock market, then they will not trust the Crypto market neither.
Anyway, let's take a look on an interesting pattern that can be seen on the DigiByte. As you can see, DGBUSD has a completed five-wave cycle from March lows, mainly because we can see a clear triangle formation in wave "iv" with perfectly reaching target into wave "v". And we know that in EW thoery, after every five waves, a three-wave a-b-c pullback follows, so watch out for a deeper decline, because wave "c" is still missing, which can actually push the price even down to golden 61,8% Fibonacci retracement and 0.019 - 0.013 support zone before we may see a bullish continuation. If we consider that correction may last for about 71 days like it was previous triangle in wave "iv", then we can expect a support to be reached at the end of October, but this is still just an analysis, so time will tell!
Be humble and trade smart!
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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.
GBPAUD - Sell Daily Triangle Break - Trend Continuation Hi Traders!
The market is in an overall Downtrend.
Let's begin the Multiple Timeframe Analysis with the Weekly.
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Before we start analysing this pair, here is an important lesson for everyone who's reading that:
You probably often heard or read in trading lessons, that you shouldn't draw many things into your charts.
But the truth is, that many of them don't even really know why. They just say "so you don't become confused".
Why is it so important? It's probably more than you think.
"so you don't get confused" - this argument is valid, but not everything
You focus on the main thing and you don't get unsure because of tiny barriers
If the trade goes negative, you calm down, because you see the reasons you traded
If the trade goes positive, you don't get scared, because you know how to exit
If you go through your Journal, you instantly understand the reasons why you traded, that can help you identify the Winners and the Losers and its Setups
It gives you the skill of keeping everything uncomplicated
You can share your charts easily, without explaining :)
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Here is the screenshot:
Why did we share the information above? Because of that example we give you now.
As you can see we only drawed one Trendline into the entire chart.
This is enough to get us an idea of the current market situation.
The market broke out of the Trendline downwards.
Then it retested it and it is continuing further.
Conclusion: We're only intrested in taking Sell-Trades.
Moving on to the Daily.
Here is the screenshot:
This is the zoomed up situation of the Breakout.
Here we can see the daily Triangle.
Moving on to the H4:
Nothing new at all.
We only established the Target area, which is the tourquise dotted horizontal ray.
In addition this is ray the 78.6% Fibonacci Retracement.
Lastly, the Entry Timeframe:
We here see a Wedge Pattern.
We're waiting for the Break of the Daily Triangle and the Retest at the upper Trendline of the Wedge before we enter the market.
The SL is a decent distance away from the recent high.
The risk-to-reward ratio is better than 1 to 3.
We recommend to trade the Breakout with a strong Retest.
Thanks and successful Trading :)!
EW Analysis: Cable Can See More Weakness After A PullbackHello tradars!
Today we will talk about Cable (GBPUSD) and its price action + wave structure from Elliott Wave perspective.
Cable is turning south and it's pointing even lower after we noticed a bigger A-B-C corrective rally from March lows. So currently, after recent broken channel support line, we are tracking at least a three-wave A/1-B/2-C/3 decline that can send the price at least back to the 1.2250 support area. But, before that sell-off for wave C/3, we may see a temporary intraday recovery for wave "c" to complete an a-b-c, a higher degree expanded flat correction in wave B/2, where ideal resistance would be at that trendline connected from March lows, 61,8% Fibonacci retracement and 1.30 - 1.32 zone. We will expect more weakness for GBPUSD as long as it's trading below 1.3488 invalidation level.
It is worth reporting that the UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen agreed in a phone call on Saturday to step up negotiations on a post-Brexit deal. Given the lack of progress in the ninth round of Brexit negotiations, the efforts to close gaps extended some support to the British pound. However, it might be only a temporary support and recovery ahead of important October 15 deadline for Brexit deal .
All that being said, wave structures and upcoming news match nicely, so timing can be perfect.
Be humble and trade smart!
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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.
EW Analysis: GOLD Is Just In A Higher Degree Corrective PhaseHello traders!
Today we will talk about GOLD and its price action + wave structure from Elliott Wave perspective.
Well, GOLD was sideways with a slow price action for the last couple of weeks, which we see it as part of a bearish triangle formation in wave B. However, we know that triangles cannot occur in wave 2 and this is the main reason why we think that GOLD is just in a higher degree A-B-C correction, where we are currently tracking the final wave C that can send the price down to projected support zone between 1820 - 1765 area.
Later then, once an A-B-C correction fully unfolds, we will probably see price price confirmation with strong and impulsive rebound, which will give us signal for a completed corrective decline, but until then, we have to expect more weakness.
Be humble and trade smart!
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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.
EW Analysis: GBPAUD In The Corrective PhaseHello traders!
GBPAUD is clearly bearish, as we see a sharp fall in impulsive price activity down from 2.085 high. We are tracking a so-called impulse, a move that is structured by five waves, where two of them are corrections. Now, we are tracking a wave 4 correction which started at 1.768 level, and it can climb a little higher as corrections are made by three waves a-b-c, before pair can look for strong resistance and a bearish resumption into a wave 5.
"A wave 4 correction can unfold as a simple zig-zag, which seems to be the best possible scenario, unless it turns out to be a flat, a triangle, or a more complex w-x-y move."
Resistance for a wave 4 correction can be at Fib. Ratio of 38.2 that comes in at 1.88/1.90 level, so watch that area as a potential resistance, especially around the previous wave "i" swing low a lesser degree. As such, there is room for slightly more upside before downtrend may resume.
Be humble and trade smart!
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.
EW Analysis: BNBBTC Remains Bearish: Wedge Pattern Formation?Hello traders!
Today we will talk about BNBBTC and its price action from Elliott Wave perspective.
BNBBTC is clearly bearish, but it's obvious that is slowing down. However, we still see room for more weakness, especially because of the recent three-wave intraday corrective recovey only. So, it's ideally unfolding a bigger ending diagonal (wedge pattern) into wave C that can send the price even down to important November 2018 and 0.0012 support level.
The main reason why we think so is because BNB(Binance) is currently not so strong and we also believe that BTC dominance will come back soon, so all these evidences suggest that BNBBTC may stay under bearish pressure. Count would be invalidated only in case of a rise back above 0.0023 level.
Be humble and trade smart!
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.
EW Analysis: Silver Is Pointing Towards 2019 HighsHello traders!
Today we will talk about Silver and its price action from Elliott Wave perspective.
Metals are in an impulsive rally, especially Gold, but since March, Silver is doing much better if we take a look at the GOLD/SILVER ratio, which is now turning bearish and there's actually room for more weakness after recent corrective slow down. So, it means that Silver may continue to work better than Gold.
Silver is in the strong uptrend from the beginning of March and it's ideally unfolding a five-wave cycle back to the 2019 highs, so current slow down can be just a temporary correction in wave 4 before we may see another leg to the upside, probably final 5th wave that can send the price up to 19 area.
In the 4-hour chart we are currently tracking a bullish triangle within wave 4 that can be approaching the end soon, so a rise into a 5th wave can be around the corner.
Be humble and trade smart!
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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.
EW Analysis: BTC Is Losing Dominance, But Only TemporarilyHello traders and investors!
Today we will talk about Bitcoin Dominance and its wave structure from Elliott Wave perspective. We will also show you how it can be useful in analyzing XXX/BTC cross pairs with the help of EW.
If we take a look on BTC.D daily chart, we can see a sideways consolidation for almost a year which usually suggests a corrective movement, especially if we see a three-wave w-x-y drop in the first leg »a«. Well, we believe that BTC.D is unfolding a bigger bullish triangle pattern and current decline can be just as part of wave (c)/«c« that can find support very soon, ideally in the projected support zone around 64-63 area.
Be humble and trade smart!
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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.
EW Analysis: SPY May Face Another DeclineHello traders!
Today we will talk about stocks, specifically SPY (S&P500 ETF) and its price action from Elliott Wave perspective.
At the beginning of June SPY turned sharply and impulsively down, clearly with five waves, which in EW theory actually indicates a bearish reversal at least in three waves A-B-C.
Currently we can see it finishing a corrective wave B, also with three waves a-b-c, where wave "c" should be made by five subwaves. Ideally we will see a fake Monday rise into a wave (v) of "c" that can be a nice bull trap before we may see a bearish turn.
If we also consider an important 78,6% Fibonacci retracement, strong channel resistance line and equality measurement of wave a=c, then ideal resistance would be around 318-320 area and this is from where we should be aware of another stock market sell-off now at the beginning of July, similar as occured at the beginning of June.
So, watch out for limited gains in the stock market in the upcoming week and if we see a strong decline from projected resistance zone, then we might be on the right track back to lows below 300 region for wave C, but the price needs to stay beneath 232.50 invalidation level.
Be humble and invest smart!
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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.
EW Analysis: XMRBTC May Break 2019 LowsHello traders!
Today we will talk about XMRBTC and its price action from Elliott Wave perspective.
XMRBTC is sideways since 2019 and it's ideally forming a big bearish triangle pattern in wave "iv", which means that we should see even more weakness and sooner or later we may see new 2020 lows that can send the price down to 0.0060 - 0.0050 area, if not even lower.
XXX/BTC crosses are highly dependent on BITCOIN.Dominance, which we still see it bullish and it's looking for more upside, so BTC will most likely stay stronger than ALTcoins and most of XXX/BTC cross pairs may remain under bearish pressure.
Be humble and trade smart!
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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.
EW Analysis: USD Dollar Index May Face Limited DownsideHello traders!
Today we will talk about US Dollar - $DXY - USD Index.
DXY was in a big sideways consolidation since March, ideally within a bearish triangle in wave B. Currently, we can see it finally breaking into new lows for wave C that can stop in the 97.50 - 96.50 support zone around important 61,8% - 78,6% Fibonacci retracement and from where we may see a bullish reversal at least in three waves, maybe even back to 103 highs, but to confirm our view, we need to see a bounce and recovery back above 100 region.
What we want to point out is that if you are familiar with Elliott Waves, then you know that triangles cannot occur in wave 2, so it must be a B wave, followed by the final wave C decline and then the whole structure looks corrective within uptrend.
We just want you to be careful at this stage, so don't fall in love with bears just yet, because even stocks can be trading at extreme levels and with a potential sell-off, USD Dollar may be a safe-heaven again.
If you like what we do, then please support/follow us!
Trade smart!
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.
EW Analysis: GBPJPY UpdateHello traders!
We want to update GBPJPY chart, which is moving nicely higher as expected and there's more upside potential at least towards 141 level for wave "c", if not even higher as part of wave "iii".
Anyway, we are always looking for minimum expectations and seems like GBPJPY can see at least one more leg up to complete a five-wave cycle within wave "c" or "iii". So, currently we are tracking a correction into a wave (iv) that can find support, ideally in the 137-136 support zone and from where we may see another push to the upside for wave (v) into our projected target area.
Respect the price action and trade smart!
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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.
EW Analysis: GBTC Can Be Forming A Bullish TriangleHello traders!
Today we will talk about GBTC - Grayscale Bitcoin Investment Trust from Elliott Wave perspective, which is telling us where Crypto investors are hiding.
As you can see, in the recent rise, GBTC came to the upper triangle line in three waves A-B-C only, so recovery looks corrective, ideally for wave (d), especially if we consider a triangle in wave B in the middle, which also means that BTC and friends may slow down into a deeper corrective pullback. Well, currently we are tracking another three-wave A-B-C decline again, probably down to 8.0 - 6.0 support zone for the final wave (e) and this is where a big bullish triangle may come to an end.
That being said, watch out for a limited gains here at the intraday highs, because a bigger decline into a deeper correction can be around the corner and it can be the same with BTCUSD and ALTcoins. Later then, we can expect the real bull run, when everyone will be very bearish again.
Be humble and trade smart!
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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.
EW Analysis: Bitcoin Can Be Bullish Confirmed NowHello traders.
Today we will talk about Bitcoin from the Elliott Wave perspective.
After that strong and impulsive rise in the first half of 2019, BTCUSD has slowed down in the second part of 2019, but clearly with slow and complex W-X-Y corrective structure that can be also finished with an ending diagonal (wedge pattern) in wave Y, which is actually a powerful pattern and it usually indicates sharp and impulsive reversal.
Not only this, we actually got a five-wave bullish reversal, which in EW theory signalizes a potential bottom at 6400 level, at least a temporary one. But, after every five waves, a three-wave a-b-c pullback follows, ideally into a higher degree wave B/2. So, before a continuation higher within wave C/3, we should be aware of a slow down into a correction, where ideal support would be between 8200 - 7700 levels.
All that being said, we believe that Crypto market is turning bullish, mostly because of strong and impulsive five-wave rally from the previous lows. Even some ALTcoins made nice and clear five-wave rise, so those Cryptos can easily see more upside, just be aware of a deeper three-wave a-b-c corrective decline soon before the uptrend resumes.
Be humble and trade smart!
If you like what we do, then please like and share our ideas.
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.
BTC.D And ETHBTC Triangles Are Supportive For BITCOIN!Hello traders!
Today we will talk about Bitcoin and its dominance!
Well, as you know BTC Dominance is in the sharp rise and looking at the current wave structure, it doesn't look like it's already topped yet!
A potential continuation triangle formation can be also seen in the ETHBTC chart, which means that BTC is still leading!
So, in our opinion, based on many more evidences we shared with our members, we believe that BTCUSD should be supportive here and it could easily remain in uptrend, ideally within a big bullish triangle pattern.
That being said, as long as BTCUSD is trading above strong 9500 support level, we think that there's room for more upside, so don't fall in love with bears just yet!
Be humble and trade smart!
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.
EW Analysis: The Connection Between USD and BitcoinHello traders!
Today we will talk about US Dollar and Bitcoin!
We have noticed very interesting patterns and correlation between US Dollar and Bitcoin.
In the first chart we can clearly see bearish setup on US Dollar after that sharp and impulsive decline followed by a three-wave a-b-c expanded flat correction back to ideal 61,8% Fibo. retracement. At the same time, in the sceond chart even EURUSD can be making bullish setup after that strong five-wave rally followed by a three-wave a-b-c decline with a triangle in wave "b" back to ideal 78,6% Fibo. retracement, which indicates a corrective drop!
So, based on USD correlations, seems like USD Index can see some weakness in the upcoming sessions at least towards 97.00 - 96.50 area, while EURUSD may start recovering back to 1.1250 highs or maybe even 1.1300 area!
Well, as you can see in the third chart, when EURUSD turned down into a correction, even BTCUSD made a bigger and in our opinion corrective decline down to 9500 level, ideally for wave C of a big bullish triangle pattern, which can be seen in our previous idea! So, according to correlations with EURUSD, we believe that even BTCUSD can see a bigger recovery soon, ideally back to 61,8% - 78,6% Fibo. retracement and 11200 - 11700 area for wave D!
That being said, while USD Index can be headed lower, watch out for the recovery on EURUSD and BTCUSD in the upcoming week!
Bu humble and trade smart!
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.
EW ANALYSIS: Bitcoin In A Big Bullish Triangle?!Hello traders, today we will talk about Bitcoin!
Bitcoin is trading sideways since the end of June, which more and more looks like a corrective bullish triangle pattern in wave 4. One of the main reasons for this view is GBTC - Grayscale Bitcoin Investment Trust in which we also see a bullish triangle formation, so don't be surprised if BTC bounces again soon!
Even ALT coins are trading at strong support levels, while BTC is trading bearish, because BTC is losing its dominance! So, when BTC finds support, this is when ALTs may fly high!
However, to confirm our view, we need a strong rise back above 11000 level, but bulls can be confirmed only above 12000 region that can later open door for 15000-16000 area within the final wave 5!
Be humble and trade smart!
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.
EW ANALYSIS: Crypto Market Remains BullishHello traders, today we will talk about cryptocurrencies!
Well, Cryptos made a nice and significant recovery in 2019, which can be considered as a bullish trend reversal, especially Bitcoin, who has been the strongest and the sharpest!
At the end of June we have seen a bigger decline that has lasted till the mid of July, but as you can see in the Crypto Total Market Cap (TOTAL) and ALTs Total Market Cap (TOTAL2) charts, a decline was only in three waves A-B-C, which is a corrective movement! So, considering that five-wave rebound in the mid of July and broken big channel resistance line connected from highs, we can say that Crypto bulls are taking the lead again that can send the price back to highs!
That being said, despite that current intraday decline that, we still think that Crypto rally may continue, even ALT coins! TOTAL chart is just retesting that channel resistance line as a support, while TOTAL2 chart is just consolidating nicely within a corrective channel into a wave B/2. So, if we are on the right path, then BTCUSD may easily continue to the upside, but this time ALTs may follow too. Is it also a time for ALT season?!
Be humble and trade smart!
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.
Elliott Wave & Intermarket Analysis For NIKKEI And USDJPYHello traders!
Today we will talk about stocks, specifically Nikkei and why USDJPY can see higher prices.
Well, as you may already know, in EW theory after a three-wave corrective decline, the trend should remain to the upside. This is what we see in the stock market all the time. However, Nikkei got our attention, because we can see a nice five-wave rally after that three-wave a-b-c correction, which means that Nikkei remains in uptrend, but after another three-wave correction in the lower degree, where ideal support would be here around 21450 - 21250 levels, just keep in mind that bullish confirmed can be only if it manages to turn back above 21770 region!
In the right picture you can see tight positive correlation between NIKKEI and USDJPY, which means that if NIKKEI points higher, then even USDJPY can see higher prices, so don't be surprised if USDJPY remains bullish towards 109 area or higher!
So, seems like risk-on sentiment may continue and when we are in risk-on, we usually see bullish stocks, which are followed by recovery on XXX/JPY crosses. That being said, be aware of a bullish continuation on stocks, while XXX/JPY cross pairs may see a bigger recovery!
Be humble, trade smart and wait for the right sentiment to enter the market!
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.
EW Analysis: Bitcoin Can Be Approaching Important Resistance!Hello Crypto lovers!
Today we will talk about Bitcoin BITSTAMP:BTCUSD !!
Bitcoin is in a strong uptrend since the beginning of 2019, but current intraday rise seems to be out of a triangle. What do you know about triangles?! Yes, triangles are corrective and continuation patterns, but they usually occur in wave "iv", so after a break out into a wave "v", we should be aware of a potential reversal since we know that in EW theory after every five waves, a three-wave pullback follows! So, do you see what's happening?!
The next important chart is definitely Bitcoin Futures. History is telling us that these GAPs which occur over the weekend, they usually get filled. If we take a look on BTC Futures chart, we can see two unfilled GAPs, so don't be surprised if we see a bigger decline soon, ideally back to projected support around 7200 - 6200 area!
Another evidence of a potential decline in the Crypto market can be Bitcoin Dominance chart! What we currently see is a corrective recovery in wave B within an expanded flat pattern, so seems like even BTC dominance might be approaching resistance soon.
That being said, not only BTC, many other ALTs are looking for a deeper correction, so if we respect those evidences and correlations with ALTs, then we should be really aware of a potential drop, ideally around 9500 - 10000 resistance area.
Be humble and trade smart!
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.
EW Analysis: Ripple Doesn’t Show Any Bullish Signs, Yet!Hello everybody!
Today we will talk about Ripple (XRPUSD)!
As many cryptocurrencies, even Ripple made a strong five-wave rally in 2017, but in EW theory, after every five waves, a three-wave pullback follows!
Well, seems like Ripple is trading now in that big and deep (A)-(B)-(C) correction for 2018 and probably even for 2019, ideally back to around previous wave (4), which is the most common support for a correction of a higher degree! And as you can see, there's still room for more weakness towards 0.20 - 0.13 support area, so current price action and long+sideways wave structure should be as part of a corrective wave (B), which we see it as a bearish triangle pattern! What we want to say is that despite bullish turn on many major cryptocurrencies, we still think that the bottom is not in place yet, especially because of that Ripple logarithmic scale chart, which has the same wave structure as it had Bitcoin in November last year! However, we believe that when Bitcoin turns down into a bigger correction, this is when Ripple may drop into a new 2-year low!
That being said, we are currently observing a big bearish triangle in wave (B) that can take some time, ideally till the end of the 2019. And, once it fully completes, this is when it may send the price towards 0.20 – 0.13 support area for a wave (C) to complete that big three-wave corrective decline from all-time highs. Later then we can expect a strong bounce a bullish reversal!
Be humble and trade smart!
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.