Bitcoin Elliott Wave: Comparing BTC to Amazon's trend [Video] – FXStreet

Peter Mathers Peter Mathers

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.

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Leave a Reply

Your email address will not be published. Required fields are marked *