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There seems to be some respite for Bitcoin traders. It might be tempting to take this breather as a sign of the tide turning. We highlight the reasons why you probably shouldn’t. In the last couple of days, Bitcoin has gone up a bit. This has brought questions if the current move is only a correction within a decline or already an important sign of a shift in the market.
8,000, but low trading volumes point to the risk of a bull trap. Sunday, adding credence to last Tuesday’s bullish outside-day candle and signaling a short-term bearish-to-bullish trend change. Last week in my article, “A bottom in the crypto market, or more blood-letting? I suggested that a bottom could be imminent, or that we had bottomed. So far, those levels have held, and we appear to have set up bullishly.
As long as they do, we have a very bullish setup – the five-wave pattern off the April lows, which suggests this wave ii we believe bottomed that proceeds a larger third wave rally. I’d like to introduce you to one of the most unique investing opportunities of 2018. It’s a stock you can buy in your brokerage account But it doesn’t act at all like a traditional stock. In fact, it’s like investing in both a venture capital fund and a hedge fund. But you don’t need special access to this deal and you won’t need to hand over commissions on your profits. In a stunning display of cryptocurrency’s potential to liberate humanity, Zimbabwe just lifted its ban on the digital money after its own Reserve Bank failed to appear in court to defend themselves.
The Euro has been going down recently. The EURUSD is already down 6 weeks in a row. If it closes lower this Friday than it did last Friday, the EURUSD will be down 7 weeks on a row. One can easily see the correlation. Maybe GBTC leads the Dow in direction.
If so, GBTC is going lower while the last Federal Reserve instigated rally only turned ugly today with a near 400-point selloff. The Fed is in charge of that. Forget Elliot Wave or fundamentals or anything else. That stuff only applies to real market behavior. Technical patterns only matter because the Fed manipulates them to keep us playing along. Fundamental analysts are all scratching their heads these days!
All the while EURUSD and GBPUSD are accelerating lower also. So the USD is both weakening and strengthening at the same time! This does not compute in fundamental analysis. It is perfectly acceptable, and even predictable, with Elliott wave analysis!
The EURO and Cable are both declining against the USD in a trend move. As Bitcoin is going down, we’re seeing more and more information on how the currency is in a precarious position or how the prospects of the currency is bleak. But what interests traders the most is if the recent developments have changed anything in the current outlook. And we provide you with our answer to this question. One our readers have known for some time now. The media seem to have noticed that Bitcoin has depreciated.
More Bitcoin-oriented outlets might even focus on market-specific events such as technical developments. Did the Crypto Market Just Bottom? In my recent article, “Time for a Crypto Lunar Rocket Launch? I stated that we have been tracking bullish 5-wave patterns off the April lows, and viewed most cryptocurrencies in wave-2 corrections or about to complete the impulse and enter wave 2s. However, some disparate coins are currently in B waves or wave iv corrections.