Bitcoin weekly review
Bitcoin Weekly Review
Perfectly as previously anticipated, during the previous trading week, bitcoin could not go below 3640.61, instead, the impulsive wave (5) rallied even higher and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above the now support level 3640.61, we expect a possible bullish price action towards 5157.3 and could extend even higher to 7000 by the close of the next fiscal year. This cryptocurency should be traded alongside others such as the Etherium, these two normal have close correlation but not all the time. Nonetheless they should be checked closely.
Expect a possible bullish price rally towards 5157.3.
Gold weekly Review
In August, gold markets moved to the upper side but failed to break above the monthly resistance level 1356.88. We expect the level 1356.88 to have marked the end of the impulsive five wave cycle, that the current bearish price rally is the counter trend movement and should also be in form of five subwaves. Currently, we're waiting for a clear signal to continue short with the impulsive wave (iii) to the lower side but should not go beyond 1215.41. If this level is broken, then this impulsive wave could could continue even lower towards 1200.00. This commodity should be traded alongside silver, these two have a strong positive correlation and will move in the same direction during this week.
remain short with an ideal target at 1251.00.
SPX500 weekly Review
After breaking above the Resistance zone 2490.44-2470.64, SPX500 pullback slightly towards the just broken zone and is still rallying above. During this intraday, we expect a possible extension of both the impulsive waves (v) and(5) to the upper side but should not go beyond 2500 by the close of this week. For almost a decade now, this index has been in constant up trend and changes of rallying lower is almost negligible, thus, any movements to the lower side will be treated as retracements and not major movements. This index has a slim correlation to bitcoin and may move in the same direction.
Expect a possible bullish price rally towards 2500.00