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Peter Mathers
TradingLounge
Bitcoin Elliott Wave Technical Analysis and TradingLevels. Market Summary: Bitcoin follows tech stocks and today I briefly compare Amazon (AMZN) to Bitcoin to offer a general understanding of the trend and timing of the low
Minor Group 2 MG2|48k}37,200|36,500 is the tested resistance, this means the market is leaving the Medium Level (ML4) 40,000 and the next levels are 35,000 then 33,000 which is the top of Minor Group1. That said the Bitcoin trend will move through 30,000 and lower.
Bitcoin Trading Strategy: For short term traders use CME Futures to short BTC and Hodlers wait to buy Bitcoin at lower levels as I will be doing myself.
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XRP price action on the weekly chart looks depressing if you’re a bull but magical if you’re a bear. No matter which way you want to look at it, XRP’s chart is bearish and warns of a massive collapse unless bulls come in and reverse the current setup.
Shiba Inu price action continues to fall lower and lower. A push towards new 2022 lows appears likely as buyers have thus far not generated any effective defense for SHIBA. SHIB remains extremely bearish.
Axie Infinity price continues its slide below the $30 value area and into the $28 range. However, volume is increasing at these lows, and a new high volume node has developed, signaling that some support may be developing.
Tron price is in a multi-year bullish pennant setup, hinting at a massive uptrend. A decisive move above the setup at $0.096 could trigger a 90% upswing to $0.185. If TRX produces a weekly candlestick close below $0.055, it will invalidate the bullish thesis.
Bitcoin suffered a massive setback after a minor uptrend due to the FOMC meeting on May 5. While the Fed concluded a 50bps hike in interest rates, the volatility that it brought caused the stock market and BTC to crash.
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