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Peter Mathers
TradingLounge
Bitcoin Elliott Wave Technical Analysis and TradingLevels. Market Summary: Bitcoin is retesting supply at (30,000 Major TradingLevel TL3) as Wave (iv) of iii) of C of (2).
Crypto Market Summary: Crypto markets are still in sync with the Nasdaq stocks and today I compare Apple stock to Bitcoin. The first Elliott Wave Impulse structure is in place confirming the downwards direction.
Bitcoin Trading Strategy: Wave (iv) is completed and the first Impulse wave lower is underway. We are currently short and will look to add short positions on rallies and new lows.
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Bitcoin price, Ethereum and other cryptocurrencies are on the backfoot after the massive slaughter that happened on the trading floor on Wall Street yesterday. Instead of cleaning up the pink sheets from the floor, the cleaning staff are probably busy sweeping up plenty of burned-out traders that got annihilated overnight as the Dow Jones printed its worst performance since June 2020.
Dogecoin’s co-founder advises crypto investors to perform actual research and stay informed about their crypto investments. While the meme coin crumbles under pressure, analysts find a bullish pattern that could drive a rally in Dogecoin.
The collapse of Terra's LUNA price and algorithmic stablecoin TerraUSD (UST) has sparked outrage in the crypto community. Institutions and retail investors suffered significant losses when $40 billion in LUNA and UST’s market value was destroyed within a week.
XRP price is in a rut as it followed Bitcoin and other altcoins into a crash after the LUNA-UST debacle. Ripple, on the other hand, is relentlessly fighting against the US Securities and Exchange Commission’s (SEC) allegations and to prove that XRP token is not a security.
Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC.
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