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BTCUSD: Combination of HS and Elliott Wave

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Mar 21 2021

Today we want to present you the chart of Bitcoin.
As you probably know, the famous cryptocurrency has been rallying lately as many large funds and even companies like Tesla bought massive quantities in the order of Billions of USD. Despite the relevant news, we like to stay focused on the technicals and look at Bitcoin through the lenses of the Elliott Wave Theory.

Our analyst noticed the move down from the February 21st high in three waves, and we know that “three waves a trend don’t make”, meaning that the move had to be corrective.

Eventually we started to see a nice and clear old-school pattern called Head and Shoulders pattern. In this particular event it could be called inverse head and shoulders since the trend was expected to resume higher and not lower.

Ideally price would look for a retest of what is call neckline of the H/S pattern before uptrend resumes, and gives even more confidence in a bullish outlook.

BTC March 10 chart:



The H/S came very handy in this scenario because it was bringing confluence to out initial bullish count, and also helped us to find an additional analytical method. In this scenario the left shoulder is represented by wave A, the head by wave C and the right shoulder by wave 2 as shown in the picture below:



We would usually expect a continuation to the upside once the neckline had been broken to consequentially complete the wave 3. It didn’t take much before this scenario became reality. Price recovered very nicely and even hit H&S projection target zone that was also highlighted by Grega in this free article

Updated chart:




So does the Elliott Wave work? Sure it does, because it's all about psychology behind the market's direction. So when something doe not work is not because of EW theory, but because of analyst that didn't correctly define the crowd cycle. Sometimes this is tricky, but sometimes can be much easier process when market moves and patterns are clear, so it's very important for our analysis to know what are good and what are bad market conditions; these above on BTC was classic, almost text-book example with combination of Elliott Wave and H&S.

If you want more updates and analysis on cryptocurrencies then make sure to check our Elliott Wave premium services here

Have a nice day.


Elliott Wave Analysis: GBPUSD and USDJPY (video)

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Mar 19 2021

Hello traders,

Below is new Elliott Wave Analysis for GBPUSD and USDJPY

GH
 

Elliott Wave Video Analysis: Bitcoin and Monero

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Mar 16 2021

Hello traders,

Below is new Crypto video analysis for Bitcoin and Monero.

GH


Elliott wave analysis: Crude oil can find a support near $60.00

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Mar 15 2021
Crude oil is turning down despite after OPEC+ countries agreed to extend the majority of production cuts through April. We saw price spiked highe after that news and it is coming down now. However, we think this can be only a temporary retracement as we think that demand may increase as global lockdown restrictions can be removed slowly in upcoming weeks which may support oil prices.

Based on Elliott Wave principle we see ongoing impulsive recovery on crude oil which is now having only a temporary pause, seen in wave four that may retest the 60.00 support; a key technical level for a nex bounce if we consider the area of a former wave four and the very important 38.2% Fib.



Elliott Wave: Weakness Resumes On Natural Gas

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Mar 15 2021

We noticed a downward movement starting on November 2nd which eventually developed in the shape of a diagonal. Now, for those who are not familiar with Elliott Wave, a diagonal is a motive wave structure which is composed of five sub-waves. It can occur in wave one of an impulse or A of a correction. What is the most important about diagonals is that subwaves 2 and 4 will overlap and that the pattern occurs at the start of a trend so after a three leg retracement that new trend is expected to resume just like in our case on natural gas, where leading diagonal suggested more weakness after a bounce back to 3.00 resistance.


On February 5th our analyst said: “

… despite the current recovery , watch out for limited rise and be aware of a downtrend resumption…”

ARTICLE LINK

February 5th chart:


Today we are seeing an initial move down which has broken the parallel channel formed by the corrective waves that followed the leading diagonal. As such, we expect further downside to come in the following days, but we need to keep in mind that since the diagonal could have been a wave A and not only wave one, then the price can be looking for limited weakness within leg C, but even this one is incomplete for now, so be aware of more downside.



Elliott Wave analysis: BATUSD Can Be Now Finishing A Five-Wave Cycle

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Mar 15 2021

Hello traders!

Today we will talk about BATUSD (Basic Attention Token) which we have been tracking for a while and it is moving nicely as expected based on Elliott Wave theory.

At the end of February we have spotted a completed A-B-C correction, from where we expected a new rally back to highs.
Later, at the beginning of March we saw nice bounce and recovery, which was a bullish confirmation that a new five-wave cycle is in progress and it can push the price even up 161,8% Fibonacci extension and 0.90 area.



Today on March 15 we can see BATUSD with a completed five-wave cycle right at the projected target area. We know that after every five waves, a three-wave correction follows, so it means that we must be aware now of a new corrective slowdown, which can send the price back to the starting point of a recent five-wave cycle, especially because of bearish RSI divergence.

If you are interested in more of our Elliott Wave chart and want updates on a daily basis check our 7-DAY TRIAL for members service, covering FX and Digital currencies.
CLICK HERE

Updated Chart

USDJPY; The Bullish Wave Caused By A Wedge

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Mar 12 2021

USDJPY has been in a downtrend since March 2020, which resulted as a correction of the impulse occurred during the Covid-19 crisis as during risk-off environment the yen becomes a safe heaven causing USDJPY to lose approximately 900 pips.

Despite the move down being quite choppy, our analyst identified an ending diagonal which in Elliott Wave terms is an indication of an imminent and strong reversal. Based on candlestick formation, the price structure and personality of the move, our analyst noted on January 12 the following :

»If we consider current break above strong weekly trendline plus other evidence, then we can easily confirm a potential bottom and bullish reversal." .” «

USD/JPY Jan 12 2021

USDJPY With Several Evidences For A Potential Bottom Formation by ew-forecast on TradingView.com


The reversal didn’t take much to come. As you can see from today’s chart it was also strong as expected. Once again the Elliott Wave Theory managed to provide us an edge to trade the live markets managing risk wisely. Diagonal are very good EW structures to trade, as they are very easy to identify and the outcome is always the same. The wave count suggests that we are in an impulsive bullish sequence, meaning that the move up from the January lows should be in five waves. So far the aggressiveness of the move confirms the bias, as we were in a third of a third which is very well known for being an explosive move.

Trade wisely and stay tuned for the next update!
GH


Updated chart:


Jan 12 2021 Article; published on tradingview 

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