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July 10th, local time on July 9th, Ukrainian President Zelensky met with US Special Envoy for Ukraine Kellogg in Rome, Italy. Kellogg was a member of the US delegation to attend the International Conference on Ukraine Reconstruction held in Rome, Italy from July 10th to 11th. Zelensky said that the two sides discussed issues such as purchasing US weapons, conducting joint defense production, localizing weapons production in Ukraine, and sanctions against Russia. Previously, US President Trump promised to provide Ukraine with additional weapons.July 10, the Russian Ministry of Defense issued a war report on the 9th, saying that the Russian army carried out a cluster attack on the infrastructure of Ukrainian military airports. Ukraine said on the same day that Russia launched a new round of large-scale attacks on multiple Ukrainian cities. The Russian Ministry of Defense issued a war report saying that in the early morning of the 9th, the Russian army used long-range air-based high-precision weapons such as "Dagger" hypersonic missiles and long-range attack drones to carry out a cluster attack on the infrastructure of Ukrainian military airports. The strike target has been achieved and all established targets have been destroyed. The Russian air defense system shot down 9 guided air bombs, 4 US-made "HIMARS" rockets and 226 drones.A Russian airstrike in Kostyantynivka in Ukraines Donetsk region has killed three people, local emergency services said.July 10, a spokesman for the British Prime Ministers Office said on July 9 that British Prime Minister Starmer met with visiting French President Emmanuel Macron at 10 Downing Street that afternoon. Both sides agreed that combating illegal immigration and smuggling is a priority for both countries and joint action must be taken. A spokesman for 10 Downing Street said that Starmer and Macron also expressed their willingness to further deepen the partnership between the two countries, including strengthening defense cooperation, expanding bilateral trade and investment, and strive to make tangible progress in the above areas when the 37th UK-France summit is held on the 10th.July 10th news: On July 9th local time, the U.S. Senate confirmed Brian Bedford as the Director of the Federal Aviation Administration with 53 votes in favor and 43 votes against.

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.