Elliott Wave View: Bitcoin (BTC) looking for further downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Original content: Elliott Wave View: Bitcoin (BTC) looking for further downside [Video]

Short term Elliott Wave suggests the decline from May 20, 2021 high is unfolding as a diagonal. Down from May 20 high, wave 1 ended at 31107.46 and rally in wave 2 ended at 41341.57. The crypto currency declined again in wave 3 towards 28600 and bounce in wave 4 is proposed complete at 36687.78. Internal subdivision of wave 4 unfolded as a double three Elliott Wave structure. Up from wave 3, wave ((w)) ended at 35517.22, pullback in wave ((x)) ended at 30082.79, and the last leg wave ((y)) of 4 ended at 36687.78.

Wave 5 is currently in progress with internal subdivision as a 5 waves impulse. Down from wave 4, wave (i) ended at 34049.36, and rally in wave (ii) ended at 35212.12. Wave (iii) ended at 32700.88, rally in wave (iv) ended at 33981.51, and final leg wave (v) of ((i)) ended at 32700.05. The crypto currency then rallied in wave ((ii) which ended at 35960 with internal subdivision as a zigzag. Down from there, wave (i) ended at 33143, and bounce in wave (ii) ended at 35100.49. Near term, while rally fails below 36687.78, expect Bitcoin to extend lower.

Bitcoin 90 Minutes Elliott Wave chart

Bitcoin (BTC/USD) Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.