Bitcoin Elliott Wave Cycles Approaching Resistance

However, keep in mind that we are approaching some important resistance in the Crypto market, so bigger decline is not excluded.

Bitcoin, BTCUSD may have now completed wave 3, so new three-wave a-b-c setback in wave 4 can be already in progress with ideal support in the 61k-58k zone before a continuation higher for wave 5 towards 68k-70k area. However, any bigger and stronger decline below 58k would be a serious signal that 5th wave is already in place labeled as Alternate count.

Bitcoin 1h Elliott Wave Analysis

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Bitcoin hit all-time highs, so we will have to be very careful at this stage, mainly because of a potential strong resistance on a daily chart, either as part of wave B of a flat or wave 5 of an impulse. However, in the 4-hour chart, there’s still a chance for more upside to complete a five-wave cycle, as current impulse looks like a wave 3. So, if we see slow corrective pullback, then ideal support for wave 4 would be in the 62k-59k zone, but any sharp and impulsive sell-off towards 50k would be signal for a completed 5th wave labeled as Alternate count.

Bitcoin 4h Elliott Wave Analysis

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Commodities Currency Pairs USDCAD and NZDUSD: Elliott Wave Analysis

A surprise with more weakness on the US yields can cause more dollar weakness especially vs commodity currencies which appear to be in a very strong upward momentum.

USDCAD is coming down in the 4-hour chart as expected but notice that we are still observing wave C or 3 with room down to 1.2200/1.22560 area to complete the current five-wave cycle of the lower degree. However, there can be some pullback later this week for another recovery within a downtrend. Strong resistance levels are at 1.24 followed by 1.2495.

USDCAD 4h Elliott Wave Analysis

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NZDUSD is nicely and impulsively recovering as expected after we noticed a big and complex W-X-Y corrective decline, so seems like a new five-wave bullish cycle is now in progress that can send the price at least back to September highs and 0.72- 0.73 area. So, more upside is in view, just be aware of a pullback in wave 4 before the uptrend for wave 5 resumes.

NZDUSD 4h Elliott Wave Analysis

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Bitcoin and Ethereum Elliott Wave Cycles Point Correction Before Another High

Bitcoin went straight towards 60k level in the 4-hour chart and it’s now approaching important Fibonacci zone. However, due to very impulsive rally, we still think BTC can be trading now in 5th wave of (3), so after a pullback there’s chance for another push to the upside. Potential support is 54k-53k. Any earlier sharp decline back below 50k would be signal for the top, at least temporary one.

Bitcoin 4h Elliott Wave Analysis

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ETHUSD is coming higher in the 4-hour chart as expected, but out of wave 4 triangle pattern for wave 5 of (3), so another slow down within wave (4) correction can be around the corner, ideally here in the 3800-4000 zone. Support is in the 3400-3300 area, however, any deeper decline below 3000 would invalidate bullish impulse.

Ethereum 4h Elliott Wave Analysis

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Ethereum Elliott Wave Analysis – Eyes Higher

Talking about Crypto market generally, ZILUSD is one of examples of what to expect in the Crypto market. As you can see, ZILUSD can be still bearish, mainly because of a potential leading diagonal in wave (A) from the all-time highs. Current bulls can be just temporary, as part of an A-B-C corrective recovery in higher degree wave (B), where wave C is still missing and can be underway towards 0.15 resistance level before bears within higher degree wave (C) show up again.

ZILUSD 4h Elliott Wave Analysis

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ETHUSD intraday still looks corrective within wave 4, so we may see another jump for the 5th wave, just be aware of deeper wave 4 correction that can retest lower 3350 – 3250 support area before a continuation higher. Invalidation level remains at 3000.

ETHUSD 1h Elliott Wave Analysis

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ETHUSD came down in the 4-hour chart as expected back in September, and then bottomed at key support 2700 area where the market completed a three-wave decline. Notice that the price is recovering very nicely out of a corrective channel and now also out of a base channel line which normally confirms wave 3 of a bullish impulsive five-wave cycle. So, after recent pullback, probably in wave 4, seems like we will see more gains within wave 5 of (3) towards 4k area. As long as the price is above 3000 level, the trend is bullish.

ETHUSD 4h Elliott Wave Analysis

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S&P500 and German DAX Elliott Wave Cycles Approaching Support

S&P500 is coming down after corrective rise was finished at 4480 last week which we now labeled as wave X on 4h chart. The reason is the current price action above 4260 that looks like a correction, possibly triangle in B so another and final leg down can occur to around 4200-4230 support zone.

S&P500 4h Elliott Wave Analysis

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DAX is coming down in the past few days, so weakness can be limited, possibly at around 14800 area. From an EW perspective we are aware of a turn, but any potential low on DAX remains unconfirmed until we see a bullish reversal with five waves.

On 4h chart DAX is coming sharply down again and seems like it’s making a deeper and complex 7-swing correction with final wave C already at the low, so bears may slow down at Fib support, here at 13800-14950 area. But like always, we need an impulse from the low to confirm a bullish turn

DAX 4h Elliott Wave Analysis

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Bitcoin and Bitcoin Cash Elliott Wave Cycles Point Higher

Bitcoin 1h Elliott Wave Analysis

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Bitcoin is trying to recover after recent drop and deep pullback from 53k as shown on the 4h time frame. Notice that price is coming out of a corrective channel and now also trading above base channel so it appears that bulls can be back in progress. In fact, the structure of a pullback from September high was in three waves, and that’s a corrective pattern, a zigzag that is pointing higher. If the price comes back below 43833 then bitcoin can be trapped in a complex and sideways pattern.

Bitcoin 4h Elliott Wave Analysis

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On 4h chart BCHUSD is also recovering above the trendline support, which can be bullish for the market in the short term. Technically pullback is normal as drop from 804 has unfolded in five waves, so three-wave rally is normal. Ideally, this recovery is now still in the middle of development so be aware of more upside to complete the structure, possibly at 600-700 area.

Bitcoin Cash 4h Elliott wave Analysis

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AUD/USD Elliott Wave Analysis – Buyers Are Waiting To Enter

This reversal is bullish now and should unfold in three waves, so be aware of more upside after pullback.

AUD/USD Elliott Wave Analysis Video 01-10-21

On daily chart, AUDUSD has been very bullish since March 2021, but then it turned down for a deep pullback with some sharp leg down so retracement is deeper and longer in time, but still a three wave move from the high which looks like a perfect A-B-C retracement with wave C of B) bounce now away from some strong support. However, we still need rally back to 0.7520 to confirm a bullish continuation.

Looking into 4h chart, AUDUSD is coming even lower, now testing the 78.6% Fibonacci level which is a final Fibonacci level for a potential bounce. There is still chance for a bullish price action from here, but pair would have to see then a bullish close for the week, somewhere above 0.7311. Until that resistance holds, there is also still valid a bearish interpretation after completed wave four near 0.7490.

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Bitcoin and Ripple Elliott Wave Analysis – Trade At Key Level

Bitcoin is still in an intraday consolidation which more and more looks like a corrective movement, so be aware of a break into new lows ahead.

4-hour chart, BTCUSD is came nicely down, but it’s still trading at neutral zone. We are still looking for wave C or 3 and now it’s at key area for wave C, but only in case if we see strong rebound and recovery back to 49k, only then bulls could be back in the game. However, at this stage still be aware of a continuation lower within wave 3 towards 32k-30k area

Bitcoin 4h Elliott Wave Analysis Chart

XRPUSD is trading into bearish territory for now. But, if we see strong recovery back above 1.13 region, then we will have to start considering a completed correction within uptrend and bullish continuation.

On 4h chart Ripple, XRPUSD is still down, but still at key zone for wave (C), so in case if XRP suddenly starts recovering back above 1.25 region, then bulls are still in control. However, now when the price is still at the lows, we have to be aware of a bearish continuation, maybe as part of a leading diagonal labeled as Alternate count or maybe within wave (3) which can push the price even down to 0.50 area or lower.

Ripple 4h Elliott Wave Analysis Chart

S&P500 and German Dax Elliott Wave Analysis – More Upside After A Correction

S&P500 is down out of an ending diagonal (wedge) pattern in the 4-hour chart, which means that wave five of three can be completed and higher degree wave 4 correction already underway that represents three-wave A)-B)-C) corrective movement. Well, currently we are tracking wave B) which can be even bigger or more complex one, so we will have to be aware of another wave C) decline later down to 4200-4000 support zone. Resistance is 4500 – 4550.

S&P500 Elliott Wave Analysis Chart

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DAX is coming sharply higher, probably due to positive sentiment as DAX30 is now becoming a DAX40 as 10 new companies were added to the list. So far, we can see a nice and sharp reversal higher which is looking very impulsive so we have to respect the strong bullish price action, especially if we consider that drop from August high was in three waves. We see that as a contra-trend move that represents wave four of a higher degree so be aware of more upside, especially after set-back into wave 2)/B).

German DAX Elliott Wave Analysis Chart

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EURUSD Elliott Wave Cycles Look For A Support

However, the USD has seen some nice recovery already ahead of the event so it might have been priced in, thus any reversal may not be a surprise.

EURUSD is coming down from 1.1905, now approaching August levels after the FED press conference yesterday when USD bounced after some hawkish approach regarding tapering. Notice that drop from 1.1905 can even be counted in five waves so it’s a bearish trend, but again it may cause some rally in the short-term, in minimum three waves if channel resistance is broken. We still think pair will stabilize sooner or later.

EURUSD 4h Elliott Wave Analysis

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GOLD and Silver Elliott Wave Cycles Approaching Support

Back in August Gold made nice and impulsive rally away from 1685 lows, as seen on the 4-hour chart that we labeled as first leg A) of a three-wave recovery within higher degree wave D. So, with current three-wave A-B-C pullback for B), seems like gold may find the base soon, ideally here around 61,8% Fibonacci. retracement, which means that we have to expect another recovery within wave C) of D up to 1850 area, especially if price recovers back above 1782 region.

GOLD 4h Elliott Wave Analysis Chart

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Technically Gold is bouncing from lower Bollinger band and we can we bullish divergence on 4h GOLD chart, seems like Gold searches for the support.

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Silver is coming even lower in the 4-hour chart, now breaking even August lows, so we are tracking final wave 5 of a bigger ending diagonal (wedge) pattern that can find the support soon, ideally here in the 22 – 20 zone, but keep in mind that bulls could be back in the game only if we see a recovery back above 24.80 region.

Silver Elliott Wave Analysis

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Like GOLD, Sliver is also forming bullish divergence on 4h chart means support is nearby.

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Japanese Yen Currency Pairs Elliott Wave Analysis – Looking Higher

As per Elliott Wave analysis, AUDJPY made a deep pullback in the last few months from 86.00 area, but this can be a contra-trend move if we consider that market came down with overlapping price action after previously completed five waves up. Such pullbacks are normal. What is very interesting now, is a bounce away from 78.44 support and current rise back to the upper side of a channel where breakout is expected to cause more bullish price action as higher degree wave B) can be finished.

AUDJPY Daily Elliott Wave Analysis Chart

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CADJPY came down to 85.30 support, back to the former wave four from where we can already see some bullish price action. In fact price is trying to break out of a downward corrective channel that can bring more gains ahead, especially if we consider that drop from 91.00 area is having a corrective look, thus it can be wave B so ideally higher degree wave C is in play.

CADJPY Daily Elliott Wave Analysis Chart

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Ethereum Elliott Wave Analysis: Two Wave Formations

For now, we are still looking for strong resistance zone and intraday bearish turn at least in three waves as we see bearish wave formations. However, keep in mind that these intraday structures look corrective within uptrend as well, so it’s important to wait for confirmations.

If Crypto market faces a sell-off within projected third waves, then bears are back as expected, but if Crypto market stays strong and at the highs, then we may see even bigger recovery according to daily ALTernate counts.

As per Elliott Wave analysis Ethereum, ETHUSD is in a bigger recovery mode like Bitcoin, but we still see an A-B-C corrective movement within wave B that can find the resistance here around 61%-78,6% Fibonacci retracement and 3300-4000 area.

Ethereum Daily Elliott Wave Analysis Chart #1

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However, in case of a bigger recovery, we can also consider a five-wave bullish impulse after a completed three-wave A-B-C corrective decline from the highs as it’s shown in the COUNT #2.

Ethereum Daily Elliott Wave Analysis Chart #2

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Dash and Bitcoin Cash Elliott Wave Analysis – Be Aware Of Reversal Down

For now, we are still observing a minimum three-wave a/1-b/2-c/3 decline, but we prefer wave 3, so watch out for more downside pressure this week, especially if the price drops towards wave 3 levels.

DSHUSD is coming above June highs and 200 area, but we are still looking for a potential a-b-c flat correction within wave B that can find the resistance around 280 – 330 zone, just keep in mind that upside can be limited and a reversal down for wave C may occur anytime soon.

Dash 4h Elliott Wave Analysis Chart

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BCHUSD is in a bigger intraday recovery mode, but also as part of a three waves A-B-C flat correction in wave (B), so watch out for limited rise and be aware of another reversal down for wave (C), probably and ideally here around 800 – 1000 area.

Bitcoin Cash 4h Elliott Wave Analysis Chart

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Bitcoin and Ripple Elliott Wave Cycles Approaching Resistance

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However, just in case BTC. Dominance kicks in and if we see much bigger recovery, then also keep an eye on alternative count, where A-B-C corrective decline from the highs can be completed.

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Ripple, XRPUSD made a bigger recovery, but we still see it as a correction, probably as part of wave B of (C), so be aware of a reversal down again, ideally here around 61,8% – 78,6 Fibonacci retracement. However, even if a higher degree wave (C) is completed labeled as ALTernate count and if current recovery is already wave (D), then we still need to see another, maybe final slow down for wave (E)

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EUR/USD & AUD/USD Elliott Wave Cycles Approaching Support

As per Elliott Wave analysis, EURUSD is coming down into wave 5 which is breaking now beneath March levels, so pair is moving closer to our projection levels for a fifth wave at 1.16-1.1650 area, where pair may find some support. But even if this will be a temporary support a rally should occur in three waves minimum

EURUSD 4h Elliott Wave Analysis Chart

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AUDUSD is in downtrend now falling sharply within wave 5) towards our projection targets near 0.7150. For now bears are strong so it would be too soon to look for any bottom formation. Even if we are tracking a fifth wave here, you never know how extended fifth wave can be, so it’s important to be patient and wait on confirmation before turning to the other side of a trend. In our case we need five waves up back into a triangle area which is expected anyhow based on EW guidelines as move out of a triangles are final in a sequence

AUDUSD Elliott Wave Analysis Chart

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Crude OIL Elliott Wave Analysis Points Support Around 64-63 Area

At the same time stocks and metals are higher. So for now, looks like a risk-on, but miss on the initial US University of Michigan sentiment reading for August suggests that we should be careful at current price levels when looking at indexes. At the same time we shall be observing the situation in Afghanistan very closely as any military actions could cause a new support for crude oil.

Crude OIL has made a strong and clear directional move in the last year from 7.0 to 75 level. But now it has some hard times to attract the buyers, probably due to speculation that new lock-downs will have impact on demand.

As per Elliott Wave analysis, we see energy in a corrective price action, a complex one which it may find some support this week around 63-64 area to complete a three wave drop from 74.00; either as wave B or wave Y).

Crude OIL 4h Elliott Wave Analysis Chart

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Ripple and Litecoin Elliott Wave Cycles Approaching The Resistance

Ripple Coin, XRPUSD is coming down following Crypto market sell-off and we warned about that long time ago. We are tracking a complex W-X-Y corrective within wave (C) and there can be room for more weakness, as strong 0.40 – 0.20 support area is still waiting before bulls show up. However, any bigger recovery back above 1.10 region would be signal for a completed wave Y of (C).

Ripple Daily Elliott Wave Analysis Chart

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Litecoin, LTCUSD can be still trading within a deeper, higher degree AB-C correction that can send the price back to 100, maybe even down to 95 – 65 support zone, just watch out for more complex wave B which can be still a potential bearish running triangle pattern or maybe bigger flat that can retest 200 resistance area

Litecoin Daily Elliott Wave Analysis Chart

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Litecoin and Dash Elliott Wave Cycles Point Resistance

  • Most crypto currencies trade at resistance
  • Litecoin unfolds bearish running triangle
  • DASH is till looking lower for wave C

As per Elliott Wave analysis, LTCUSD can be still moving within a bigger bearish running triangle formation of wave B, ideally as part of wave (C) of C, so watch out for limited gains around 150 level. However, in case of much bigger recovery, then we may also consider a flat correction within wave B which can retest 200-250 resistance area.

Litecoin 4h Elliott Wave Analysis Chart

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Despite that recent spike, DSHUSD can be still looking lower for wave C, but ideally once a bearish running triangle in wave B fully unfolds, where the final wave “e” can be now in play So, be aware of that drop back to lows for wave C before we will see a bigger recovery. However, just in case if rises back above 200 area, then we may still consider an irregular flat correction in wave B as an Alternate count that can retest 200-250 resistance zone

Dash 4h Elliott Wave Analysis Chart

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GBP/USD Elliott Wave Cycles Point Higher To Yearly Highs

Summary

  • Covid cases drop in the UK
  • BOE can have positive impact on Cable
  • GBPUSD unfolds wave 5 to the yearly highs

Also BOE policy this Thursday can have a positive impact on cable as well.

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GBP/USD is bouncing away from 38.2% Fibonacci support level as expected which suggests that wave four might have ended and that wave five is underway back to the yearly highs. In the meantime 1.3474 remains invalidation level as wave four must not trade into a territory of a wave one.

GBPUSD Daily Elliott Wave Analysis Chart

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On 4h chart we can see pair is making a nice five waves up from the lows so this trend will be expected to resume after any three wave set-back. First support is at 1.384 area while lower support zone is then at 1.3720-1.3785.

GBPUSD 4h Elliott Wave Analysis Chart

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