Elliott Wave: Traders Focus On Bitcoin As USD Is Losing Value
Cryptocurrencies are moving higher and it can have something to do with President Joe Biden who blamed Republicans for blocking efforts to raise the U.S. borrowing limit. Keep in mind that more USD, more printing, more US debt is what drives the value of the currency lower. The USD is losing power and as an alternative and speculation to the USD traders will turn into "gold", or in the digital era, they will focus on cryptocurrencies.
Technically we see some nice intraday impulses across the board which can take prices higher after any pullbacks.
Bitcoin is approaching September highs, after a decisive break out of a base channel that also acted as a support after a retest earlier this week. We can see a nice and sharp move up, currently into 52k-53k area where the bitcoin may slow down as former high can represent a strong resistance. So, be aware of some slow down before the uptrend may resume, ideally after the fourth wave. Support on nay set-back from here would be at 48k, but if we see extensions above 53k and towards 56k, then, of course, 53k would be the support to watch.
Regarding the bearish side, pay attention to 45k. Move below that lv. would invalidate the current bullish trend.
Technically we see some nice intraday impulses across the board which can take prices higher after any pullbacks.
Bitcoin is approaching September highs, after a decisive break out of a base channel that also acted as a support after a retest earlier this week. We can see a nice and sharp move up, currently into 52k-53k area where the bitcoin may slow down as former high can represent a strong resistance. So, be aware of some slow down before the uptrend may resume, ideally after the fourth wave. Support on nay set-back from here would be at 48k, but if we see extensions above 53k and towards 56k, then, of course, 53k would be the support to watch.
Regarding the bearish side, pay attention to 45k. Move below that lv. would invalidate the current bullish trend.
Comment:
Bitcoin was one of the strongest yesterday when it broke sharply above 52k. Ideally, that happened within blue wave five which can be still underway as current price action at 54500 can be just another small fourth wave. However, we assume that after the next jump the upside can be limited. Drop back below 51965 will suggests that intraday bullish price action is done for now.
