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British Defence Secretary Healy told British Prime Minister Starmer that he had failed, and the Treasury had been unwilling, to commit the necessary resources at a time when the country was facing increasing threats.On June 11, Premier Li Qiang chaired an executive meeting of the State Council, which discussed and approved in principle the draft revision of the Road Traffic Safety Law of the Peoples Republic of China, and decided to submit the draft to the Standing Committee of the National Peoples Congress for deliberation. The meeting pointed out that it is necessary to further improve the level of road traffic safety governance, actively and steadily address new safety risks, curb various traffic accidents, better protect the personal and property safety of the people, and contribute to high-quality development.On June 11, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized that building a beautiful China is a systematic project, requiring focused efforts on key areas, including the ongoing battles to protect blue skies, clean water, and clean soil, the coordinated optimization of ecosystems, proactive responses to climate change, and the acceleration of green production and lifestyles. The meeting also stressed the need for strengthened coordination and cooperation, employing a comprehensive approach that combines legal, market, technological, and policy measures to continuously advance the construction of a beautiful China.On June 11, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to prioritize education, focusing on promoting fairness, optimizing structure, and improving quality to elevate the construction of a strong education nation to a new level. It stressed the importance of implementing major strategic tasks, shaping a new pattern of moral education, strengthening educations supporting role in science and technology and talent development, and comprehensively improving the quality and level of public education services. The meeting also called for optimizing the overall allocation of educational resources, strengthening investment guarantees, deeply implementing quality education, and promoting the healthy growth and all-round development of students.British Defence Secretary Healy resigned due to disagreements with Prime Minister Starmer over defense spending.

This Year, Bitcoin Has Stagnated. What is to Come Next?

Alina Haynes

Apr 29, 2022 10:09

Technical Analysis of the Bitcoin Elliot Wave

截屏2022-04-29 上午9.34.49.png

 

Bitcoin (BTC) began the year 2021 at a price of $46197 and is currently trading at $40297. Only a 12.8 percent decline, but everyone is gloomy. Between January 24th and March 28th of this year, it went as low as $32991 and as high as $46669. Almost all of BTC's price activity this year has been limited within a range of $35500 to $45000, with a mid-point of $40500.

 

From an Elliott Wave Principle (EWP) standpoint, sideways markets are the most difficult to anticipate due to the abundance of alternatives. Knowing which scenario is more likely becomes more of an educated estimate than it is when the cryptocurrency is in a much more defined impulse-based upswing. Consider Figure 1.

 

Bitcoin displayed a distinct impulse pattern leading up to the blue Primary-III high in early-2021, and then a distinct five-wave impulse pattern from the June lows to the November 2021 highs. BTC should have topped for a (pink) Cycle-3 wave and is currently in a Cycle-4 wave, according to my larger-picture EWP analysis.

 

I demonstrated in my prior report, which can be found here, that BTC was constructing a more imminent downside setup to $25K for wave-C4. Or if it becomes more problematic due to the famously difficult nature of fourth waves. In today's update, I'd want to take a deep dive into the more complex case. 

Final Thoughts

BTC is currently undergoing a multi-month fourth wave correction of the same magnitude as the wave that concluded in 2018 following the 2017 apex. Fourth waves are perplexing because they can take on at least 12 different patterns. Knowing which of these is which is impossible in advance. At this point, BTC has the potential to evolve into a complex triangle, but three factors must occur in order for it to occur:

  • Maintain a position above the trendline connecting the January and February lows, which is currently located at $36900.

  • Closer to this year's mid-point of $40,500. This reintroduces the possibility of targeting $45,500.

  • A near-recovery of the late-March high of $46669. Then the possible greater a-b-c pattern of wave-B is activated, preferably reaching $60K.

  • As a result, the stage has been set. The conditions are favorable for the formation of a complicated triangle. All BTC needs to do is give the triggers for the "three-step program" outlined above.

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