Trend change in gold....This is a chart of spot gold, but looking at GC futures, the door is closed on bull run, as price broke down past terminal point of triangle wave e.
Elliottriangles
BITCOIN - Double Three - Elliott Wave Triangle StructureVolatility in the crypto market is nothing new. Its also the secret sauce that traders on platforms like BitMex, Binance, and Huobi thrive on. Owing to that, it should come as no surprise that the moment a ripe opportunity for wrestling the markets up and down presents itself, market makers pounce on the chance. Volatility is a traders best friend. Whether a market goes up or down makes no difference as long as there is enough price action in either direction to capitalize on. As a trader, the one thing you dont want is a flat market.
As a HODLer rather than a trader, volatility, like weve been experiencing over the past week, is certainly far from ideal. If youre hanging on to a position rather than trading it, youre probably looking to add to your bags at what feels like a recent low. However, with prices swinging so violently and falling knives dropping from the sky, a buy that felt genius a few days ago may seem catastrophic today.
We wish we would allay your fears by telling you its going to be alright, that all will bounce back (which they are certainly doing today), but the crypto narrative appears to be shifting. A changing of the guard is underway in the blockchain world, and nothing is going to be as it was before.
After streaking across the sky like a boundless rocket headed for the moon, Bitcoin starry trajectory appears to have broken down. As usual, lead analyst has revealed crucial levels for BTC as well as a few scenarios with a high likelihood of playing out. At current, Bitcoin, along with the rest of the crypto market, is dangling in a no man’s land that represents the most dangerous trading environment imaginable. There are multiple scenarios at play, and many ways this thing could shake out, but throwing your hat in the ring here takes serious commitment and an ultra-fine stop loss.
Our lead analyst has parsed through a trove of data to arrive at four potential BTC scenarios with favorable likelihood. Here are a few versions of where we think price may be headed according to Elliot Wave theory
1. At breakout support from consolidation triangle, support around $9300K
- Bitcoin can count on some modicum of support between three levels $8K to $8.2K, $8.7K to $8.9K, and $9.1 to $9.3K.
2. If BTC breaks below $9k on the daily, $8.5K - 7.5k is a next support
3. If $12K is reclaimed, $12.4K, $13K and $14K are next It’s possible that we’ll see what is known as an ‘extension wave’ up to the $16.2K mark. That’s because the current parabolic fractal is nearly identical to the one from "14 bottom to "17 top – if compared according to Elliot Wave principles. Both have an extended wave 5 with equal length to their wave 3.
Resistance is trapping us all the way from $10k to $11K. Regaining the $11K mark is what it would take for us to cast off our bearish bias and start looking toward new highs at and above the $16.2K mark.
If, and that’s a big if, we break above $13K decisively, chances are BTC will visit $16.2K with some resistance at $14.6K along the way. However, this is only one side of the coin. Both bull and bear scenarios are equally possible in the current market with the levels needed to be gained or lost for either direction to occur not entirely clear.
Theres really no preamble to give this bit of news – Trump tweeted about Bitcoin. Crazy, we know. He stated that he is “not a fan” of Bitcoin or the thousands of crypto assets which make up the market, and that they aren’t “real money.” Its not worth your (or our) time to parse through these humorous soundbites since the real action is what they indirectly mean. Donald is arguably the most well-known person on the planet at the moment. His Twitter account is followed by 62 million people and is quoted across every source of media, large and small, in the world.
Regardless of DTs position on BTC, this is – you guessed it – amazing for Bitcoin. Exposure on this level might be the boost needed to send this market over the top. The fact that the POTUS just name-dropped Bitcoin and sees it as an adversary gives the crypto narrative real legs in the eyes of normies everywhere who have heard of cryptocurrency, but haven’t taken it seriously.
Is days ago, the market saw a capitulation occur during which traders put their beloved bags on sale at incredible discounts. The mass sell-off took most digital assets down with double-digit losses which, considering the recent high-level exposure for the digital asset market from the likes of top politicians, took many by surprise.
The intensity of the bearish vibes being projected toward the alt market has been turned up a few notches as many begin to seriously reconsider whether alts have any staying power at all. Bitcoin market dominance has been steadily climbing back toward 70% to reflect that.
Whether this is a classic Oracle of Omaha “blood in the streets” moment or a real reconfiguration of the space is something that only time can clarify.
Good Luck
God above all
USD/JPY TOP DOWN ANALYSISPrice Action (Technical Analysis): Price is flowing in a Descending Parallel Channel, i'm anticipating price to continue in its channel until reaching our Support Zone
around 101.000. If our E Wave is properly set-up, it can give us our next push down completing our Elliot Triangle Waves also being our next Short Idea since we are in a deep downtrend.
Fundamental Analysis: After reviewing all the data presented from last week with Wall Street dumping 3 Major Indexes leading this pair to drop over 200 points. We have to be aware that the Greenback potentially will continue to be depreciated as word goes around the dollar may cute rates again before 2020. The Yen is already projected to come over a previous PMI of 51.9 to 52.3 which tells us the Yen is in for more of a Hawkish Policy.
GBP/USD 4H ELLIOT WAVES/ ELLIOT TRIANGLES ABCDEPrice Action (Technical Analysis): After Analyzing our Long-Term Position Zone last week, we are speculating price in smaller time frames to assure us price is continuing to our Monthly Support Zone. Price is in a descending parallel channel targeting our Monthly Low, Wave 2 we have an ABC Correction. Wave 4 developed Elliot ABCDE Triangles. Calculating the end of Wave 5, we measure Wave 1-3 to measure out Wave 5's probable end with the Fibonacci Retracement Tool and use the 61.8% measurement as resistance structure to our (E) Triangle in Wave 4. I am anticipating Wave 5 to end around the Psychological Level ( 1.23000 )
Fundamental Analysis: None.
