DXY ForecastThe DXY has an inverse correlation with the EURUSD it's wise to think DXY will be bullish trading in a corrective phase currently. We will be on the lookout of the Fibonacci retracement golden zones for correction completion.
Zigzag
USDCHF → The currency pair may break through resistance FX:USDCHF continues to strengthen within the ascending triangle. The price is retesting the trend resistance. What can happen?
As we can see on the chart on the bottom left, the currency pair is forming a consolidation relative to a strong resistance area. The mentioned accumulation, when moving to the phase of implementation is able to change the direction of the trend, in this case, the global downtrend will begin to change its direction following the dollar index.
DXY breaks the key resistance and on the basis of fundamental factors begins the implementation of the strengthening strategy.
The USDCHF currency pair may go to 0.89088 if the resistance of the descending channel is broken.
Support levels: 0.87779
Resistance levels: 0.88133, 0.88250
I expect a small bounce from resistance and further retest of the area, which may break the resistance and trigger a rise in the market.
Regards R. Linda!
Sollana Hunting Support at 18-18.50Solana is coming down, but with three waves so far, so can be a contra-trend move with nice interesting support right around $18.00 where we see the 61.8% Fib and also the equality level fo wave C=A. There is also a former swing low around 18.50, that can try to help price to stabilize a bit. $solana #elliottwave #crypto
GOLD → Price forms a flat while DXY consolidates OANDA:XAUUSD is stopping. Yesterday I said that we should expect a flat formation in the near future. We are seeing confirmation. A break of trend resistance sends the price to retest 1900, after which a range of 1900 - 1885 is formed
Note the dollar chart below. Gold is highly dependent on the DXY price. USD breaks the 103 level but does not form a proper momentum but forms a correction to 103. If the bulls hold this level and the upside begins, gold will react accordingly. But now there is a high chance that DXY will make a false breakout of this level and head downwards. In this case, gold will break the 1900 level, which it is now heading to retest and may form an impulse to 1912.25.
Globally, I don't see strong preconditions for a market reversal and growth to 2000. I expect a correction or growth to 1912, maybe even to 1925, but in the medium term - a fall to 1880-1850.
Support levels: 1890, 1893, 1885
Resistance levels: 1900
I expect a retest of 1900, if the dollar starts to fall, gold will break the level and head towards 1912, if the dollar from 103 starts to strengthen, we should wait for the fall of XAU.
Regards R. Linda!
CADJPY → Ascending triangle. Waiting for a breakthrough FX:CADJPY is forming a local upward trend. The currency pair is gaining resistance at 108.12 and forming an ascending triangle, most likely we will see some development in the near future.
The currencies are weakening on the background of fundamental and geopolitical nuances, but the currency pair is getting stronger, overcoming one of the key levels at 107.6. Globally, CADJPY is in a bullish trend, but for the last few weeks the price has been stopping and forming a flat. Within the flat we see prerequisites for further growth.
Earlier, the SMAs were tested, which now act as support.
Resistance levels: 108.12 109.47
Support levels: 107.6, pattern support
According to the mentioned prerequisites, I expect a retest of the figure resistance with further breakout and growth to the mentioned resistance.
Regards R. Linda!
Bitcoin - will crash to 10,000! (Proof here)
10k in April 2024? This is not sci-fi, but a real scenario that is probably going to happen! Make sure you are ready for what is coming. In this analysis, I will tell you all of the reasons.
Bitcoin is extremely weak compared to the stock market or gold. While gold almost hit an all-time high, Bitcoin is near its low from November 2022, which is 16K. The current price of Bitcoin is 26k, and the previous all-time high was 69k. Compared to gold, Bitcoin should be worth 60k at this moment, but it's not.
A few days ago, we had a massive sell-off, not only on Bitcoin but on all altcoins. The charts on the majority of altcoins look absolutely bearish. We have entered a new bear market. No coin from the high-cap category looks bullish, to be honest.
From a technical perspective, the price is now below the 200-week simple moving average and also below the 20-month simple moving average. The bulls are not strong enough to sustain the uptrend, so it looks like the bears are in full control again, and it can be really nasty. I can see another 70% crash on DOGE and SHIBA.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
10k is definitely a strong support that should hold! I believe this will be the bottom on Bitcoin because we have the 0.618 FIB retracement and the neckline of the head and shoulders pattern from 2020.
On the chart, you can see my Elliott Wave count. Pretty much every Elliott Wave trader has bullish and bearish scenarios prepared. This is clearly my bearish scenario. Bear market 2022: impulse wave 12345; bull market 2023: triple three WXYXZ; bear market 2024: impulse wave. We can complete the ABC correction in April 2024.
Let me know in the comment section what you think about a crash to 10k! Are you prepared or all in?
Thank you, and for more ideas, hit "Like" and "Follow"!
GOLD → Prerequisites that the price will continue to fall OANDA:XAUUSD finally breaks the medium-term support line and updates the low to 1885. The trading week closes near the local support level, which indicates that the market is ready to continue the trend
This week ended positively for the dollar, the metallo reacted as expected.
There are several important news items to watch out for in the coming week:
1) Building Permits
2) SP Global US Services PMI
3) Core Durable Goods Orders
4) Initial Jobless Claims
5) Fed Chair Powell Speaks
There is talk within the FED that the market is not ready to weaken yet as inflation is still at a high level, but again, rumours and facts affect the market in categorically different ways
From a technical analysis point of view the market is preparing to decline further as the global upward price channel was broken earlier, price breaks strong support and also breaks MA200, at the end of last trading session price closes very close to the risk zone, breaking through which will form a downward momentum.
Support levels: 1885
Resistance levels: 1902.9
The market is weak, the dollar index continues to strengthen actively, which may continue to negatively affect gold.
Regards R. Linda!
BTCUSD → An impulse that scares the buyer. What's next? BITSTAMP:BTCUSD is breaking the 26700 support and MA-200 forming a strong bearish momentum, but at the same time the price is not breaking the bullish channel. In terms of global outlook, the price is still in an uptrend
Pay attention to the weekly chart on the left. Price is forming momentum and a strong distributive move towards the strong support at 25000. The level is important for us, has a double confirmation, the first confirmation was from the sellers side, the second from the buyer side. I think that another retest, and especially after the distributive movement, may give us either a reversal or at least a strong bullish reaction.
Traders are waiting for fundamental confirmation for cryptocurrency action. At the moment it is the approval from the SEC of BTC-ETF futures applications. This will give a new breath to the market.
Most likely, this movement within the uptrend may be triggered for the sake of buying the asset at a lower price before further strong growth
The moving averages are acting as resistance. The market is in a correction phase.
Support levels: 25000, 24819
Resistance levels: 26707, 28474, 30575
The market is in the phase of a bullish trend, a correction is forming within the upward channel on the garfish, which may end near support
Regards R. Linda!
Bitcoin is starting to crash to 20,330 USD! (emergency)
The major uptrend from 15500 to 32000 is over, and the bears are stepping in! I expect 20330 to be hit in the next few weeks, so make sure you are prepared for it!
We can clearly see that the major trendline / parallel channel is breaking down! The price is below the trendline, and what's more, if we take a look at altcoins such as ETH, it confirms this analysis!
We have finished the first cycle (1) of a huge (1)(2)(3)(4)(5) impulse wave. Now we are in cycle (2), which will send the price of Bitcoin to 20330, according to my technical analysis. Why 20330? We still have the unfilled CME GAP, which you know because I have been talking about it for more than a few months. Also, we have the 0.618 FIB retracement in confluence.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
From the Elliott Wave perspective, waves marked as (1) have usually deeper retracements, such as 0.618, 0.764, or almost 1:1. It also tends to fill previous gaps because breakaway gaps usually appear when wave (3) starts.
It took 234 days for wave (1) to be completed. Compared to the stock market or gold, Bitcoin is struggling this year. Gains were overall pretty low.
Bitcoin has been going sideways for a long time, and the direction is unclear. The volatility index on Bitcoin is at extreme lows, so a big move is expected! A big pump at the current price doesn't make too much sense. But a big dump is definitely on the table.
Let me know what you think about BTC in the comment section!
Thank you, and for more ideas, hit "Like" and "Follow"!
🥇GOLD → The chart gives a set-up to sell Gold breaks through support and makes a momentum move and updates the global low to 1889. It is likely that the market may continue to fall
TA on the high timeframe:
1) The nearest point from which we can expect to buy is 1902.87, a false breakout can be formed but it will take a lot of time
TA on the low timeframe:
1) Price breaks the support of the wedge, forming a correction
2) The correction may confirm the bearish market sentiment
3) The decline may continue from 1896.45
4) In the long term, there is a chance that price could fall to 1881.
5) The price needs to strengthen to 1903 to expect a rise
Key support📉: 1891, 1881
Key resistance📈: 1896, 1903
GOLD → The bears are taking the gold to the den OANDA:XAUUSD amid numerous resistance retests is not yet able to break it. Fundamental data is still on the side of the dollar. The gold price continues to fall and update the lows
The price bounces off the channel resistance and falls, testing 1890. A false breakout is formed against the mentioned support and the price starts a local rebound. Most likely, gold may test 1900 in the near future before falling further. There is still a strong bearish trend in the market.
Yesterday's fundamental data is positive for USD. As the dollar index strengthens, we see the gold price falling. In the medium term, we should expect the metal price to continue falling.
Support levels: 1890
Resistance levels: 1900
I expect a retest of the resistance area before a further fall.
Regards R. Linda!
ETHUSDT → Retest of MA200 and trend supportBINANCE:ETHUSDT is testing a strong support area in the correction phase amid a bullish global trend. Bitcoin is falling and dragging the whole market with it
The price of Efirium is testing the support of the ascending triangle - this set-up is now global. At the same time, the price is testing the MA-200 (daily), which supports the trend. In our case, if this retest turns out to be false and the price forms a false breakout and is able to consolidate above the MA-200 and above the 1800 level, then the market may switch to a bullish direction again. In this case, the scenario will start to develop, which includes price growth to 2020 and in the medium term to 2457.
While bitcoin is dragging the whole market down, it will be hard for altcoins to break out upwards.
At the moment, the moving averages are clamping down on the price, with the coin trading in a narrow range.
Support levels: 1800, MA200
Resistance levels: 1872, MA50, 1900
In priority I am waiting for a false breakdown and continuation of the ascending triangle formation.
Regards R. Linda!
💱EURCAD - Ascending triangle EURCAD continues its bullish trend. The price is testing the resistance on the background of upward movement. There is a chance for a quick breakout
TA on the high timeframe:
1) Accumulation is formed near the level of 1.47728. At the next retest, the price may break the resistance
2) The liquidity area of interest for the price is above 1.48560.
TA on the low timeframe:
1) A triangle is forming
2) Price bounces off the support on the background of a bullish trend
3) A retest of resistance is forming, increasing the chance for a breakout
Key resistance📈: 1.47600, 1.4796
Key support📉: 1.4700, 1.4654
CADCHF → Downtrend triangle on the background of a bearish trendFX:CADCHF under trend pressure is forming a setup to continue the trend and update the global lows.
The currency pair is in the bearish phase. The price continues to decline and test the strong limit support line at 0.64990.
A descending triangle pattern is forming on the chart, which can be interpreted as pressure from dynamic sellers on limit buyers at 0.64990. The price is within the descending price channel, a retest of the trend resistance each time sends the price to the indicated support - a strong signal for a breakout
Moving averages act as resistance
Support levels: 0.64990
Resistance levels: trend boundary, 0.65450
I expect a bounce from resistance, which will lead the price to another retest of support, which may help the price to breakout.
Regards R. Linda!
Bitcoin - Secret parallel channel! (Important update)
Bitcoin is bullish, and I expect its price to reach levels above $30,500 in the short term! That's because we have this secret parallel channel that no one talks about. It's important to take profit on your intraday trades at the top of the parallel channel!
I believe Bitcoin can rise much more, to 32k, until the end of the month. But of course, volatility on Bitcoin is currently extremely low, so this can take some time.
I recommend buying XRP for the long term; the current price is very good. Check out my previous analysis on XRP in the related section down below.
But be really careful in September, because this is statistically the worst-performing month for Bitcoin. Usually, Bitcoin goes down during this period of time. But after that, we have October and November, and these months are, on the other side, extremely bullish!
From the Elliott Wave perspective, Bitcoin has completed the complex correction double three (WXY). We can definitely start a new impulse wave from here, but it can also transform into a triple-three pattern (WXYXZ).
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
This was a quick update on BTC. Some altcoins are pumping heavily, but these pumps are most likely a game of whales. To catch these coins, you have to sit on the right coins before it happens.
Thank you, and for more ideas, hit "Like" and "Follow"!
GOLD → The Bears continue to dominate. Ahead of CRS, RSOANDA:XAUUSD continues to update the lows. The price bounces from the local liquidity area of 1903 and forms a correction, making another attempt to retest the trend resistance
The upper boundary of the descending channel does not let the price yet, most likely targets below the most important. Reports released today are:
1) Core Retail Sales (no data, the previous ones were bearish)
2) Retail Sales (expected to strengthen)
After retesting the support, it is likely that the price may head up to retest the trend resistance, there is a possibility that the price may break the line and start to form a flat (consolidation) before moving further to one side or the other. A global bearish trend dominates the market. I still expect a retest of 1900 as a priority (a false breakout is possible)
Moving averages act as resistance
Support levels: 1905, 1903, 1900
Resistance levels: 1908.3, 1912.7
In priority, I expect the price to fall from the channel resistance to 1900 with the subsequent rebound and the formation of a flat on the background of the bear market.
Regards R. Linda!
OCEANUSDT → A break of resistance will give a 30% increaseBINANCE:OCEANUSDT forms a bottom at 0.1208 and forms a false breakout. After formation of the formation, the price rallies and goes into consolidation in the triangle format
After retesting the triangle resistance on July 22, the price forms a small correction after which the price forms a pre-breakout consolidation near the upper boundary of the formation.
Altcoins have been showing positive dynamics lately and most likely the breakout of resistance at OCEAN will give excellent potential.
While bitcoin is forming a correction and forming a local support area, the altcoin price is updating the local high and breaking the resistance.
The price is testing MA-50 and may soon test MA-200 as resistance
Support levels: 0.3335
Resistance levels: 0.3605
I expect the final breakout of the triangle resistance with the subsequent strengthening of the price to these levels.
Regards R. Linda!
GOLD → The price may form a Flat. What does that mean? OANDA:XAUUSD is in a local bearish trend. Within the current trend, the price is testing resistance. Two scenarios are possible: either a breakout or a rebound. What to expect?
The price tests the trend resistance and goes beyond it. If the price can consolidate above the level of 1914 after the channel breakout, the price may form a potential upside to 1924.8
But again, the price may form a false break of the trend resistance, in this case the price return to the channel boundaries will confirm the bearish potential, the price will head down to break 1912.7 and continue its fall to 1900.
Break of resistance and growth to 1924 may form consolidation or flat 1924.8 - 1912. If the upper boundary of the future flat is retested, we can look for sell signals
Support levels: 1912
Resistance levels: 1915, 1924.8
I expect one of the scenarios to develop, it is important for us to wait for confirmation. Most likely a flat formation may follow and in this case the price will initially head towards 1924.8.
Regards R. Linda!
XRP - Time to buy for a 500% profit! (now)
XRP is currently retesting a major trendline from 2022, and this retest is exactly where you want to buy this coin! This trendline is also part of an ascending parallel channel on the daily chart, which strengthens the support.
What's more, we have had a strong 0.618 FIB retracement on the LOG scale. We hit this level almost to the dollar, so if you bought at this level, congratulations! I share my trades transparently and post trade setups privately.
We also need to take a look at the volume indicator. Clearly, since the downtrend finished in 2022, the bullish volume is overwhelming. That's definitely positive, and XRP could reach much higher levels in the next few weeks and months!
Now the most important question is: what is the profit target, and where do I take it? To answer this question, we need to take a look at the market caps of XRP and BTC. The current market cap of XRP is $33,134,349,311 and that of BTC is $574,121,632,744. The market capitalization of BTC is 17x higher than XRP! This means that XRP could theoretically make a 1500% profit and still be number 2. But be optimistic and stay with a 500% profit because it's possible that XRP will go through a 1-year consolidation period before another huge pump. So you want to use your money on something else if it happens.
From the Elliott Wave perspective, this is really a strong setup. We have a nest (1-2-1-2), which is a bullish base. Now we are waiting for the 3rd wave to finish.
XRP won the SEC case recently, and that caused a 100% pump in a few days. New developments are good and positive, so I don't see any reason why XRP should go down.
We will take a look at all profit targets from a technical perspective in the next update on this post tomorrow.
Thanks for reading! I hope you learn something new, and let me know your thoughts in the comment section!
APEUSDT → A distribution could follow from the bottom of 1.730BINANCE:APEUSDT is trying to develop a bullish scenario. The prolonged bearish trend may end, but buyers will have to take and hold a few positions to do so
While bitcoin is testing a strong support area and is in the correction phase, APE is breaking the descending wedge resistance and forming a local wedge. In this case, we are interested in resistance at 1.836 and 1.990, the latter being the resistance area of the wedge.
It is enough for the bulls to break one of the levels and form the liquidity area, which will allow to start the strengthening and distribution phase after consolidation.
The price tested the bottom at 1.730, the market reacts with a small bounce.
MA-50 resistance may be tested soon, market may give a small bounce before breaking the resistance and further up towards 2.793
Support levels: 1.836, 1.730
Resistance levels: 1.990, MA-50
I expect the growth to continue after the breakout of the mentioned resistance area. Medium-term potential - 2.793, 4.528.
Regards R. Linda!
SUSHIUSDT → Resistance breakout. Expect momentum BINANCE:SUSHIUSDT is forming a bearish wedge and after retesting the global bottom, the price starts to strengthen, breaking the resistance of the pattern
A symmetrical triangle has been forming for the last few weeks, within which the potential is accumulating. Within the forming figure, the price is breaking the resistance of the global wedge, but is still trapped under the triangle resistance. Most likely, when breaking the symmetrical triangle resistance, the coin can show an excellent bullish momentum. The market is waiting for activity from bitcoin, but it has reduced its volatility to a minimum, showing little reaction over the past few weeks only yesterday when the market bought back the decline and altcoins reacted accordingly.
The SUSHI bulls may prove themselves in the near future
Support levels: 0.637, previously broken wedge resistance
Resistance levels: Triangle resistance, 0.827
I expect consolidation above the wedge and retest of the triangle resistance with the subsequent breakout and growth towards these levels.
Regards R. Linda!
RUNEUSDT → Price breaks resistance after retesting the bottom BINANCE:RUNEUSDT is forming a prolonged downtrend. A global setup capable of changing the trend is being formed. After testing the bottom, the price starts to realize the bullish potential
The rebound from 0.777 (market bottom) forms a bullish reaction on the background of bitcoin growth. An active strengthening and breakout of the global trend resistance is formed. The price is sandwiched between local resistance at 1.110 and support at 1.003. A local consolidation may be formed with the subsequent retest of the upper boundary of the flat and realization of the breakout. This move may give the market a new potential and price growth. MA-50 acts as support and MA-200 as resistance. The height of the range is large and this gives scope for the medium term.
Support levels: 1.003, 0.777, MA-50
Resistance levels: 1.110
I expect a retest of 1.110 followed by a breakout and further growth to 1.433 or 1.722.
Regards R. Linda!
USDCHF → The dollar may strengthen the currency pair FX:USDCHF pinches the local bottom at 0.85797 and makes a false breakdown, which realizes the countertrend potential at the moment of dollar strengthening. The price strengthens to 0.87779 and forms a setup that can continue the price growth
The bearish trend is still valid on the chart. The price is trading under the descending resistance. Pay attention to the dollar index, the price is forming resistance at 102.5 relative to the dynamic buyer. A breakout of this level by the dollar will form momentum in the forex market as well.
I expect a breakout of the symmetrical triangle resistance and active strengthening of the price against the trend.
Support levels: 0.87000
Resistance levels: 0.87779
I think that following the strengthening of the dollar the USDCHF currency pair will start to strengthen and in the medium term the price may reach 0.89088.
Regards R. Linda!
