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Could bitcoin drop to somewhere below $7000

SPX Weekly Review

Wave Analysis

SPX 500 has been rising incessantly for almost since its inception several years ago. During this week,  month, and even in the entire year, we expect a possible bullish price movements with an ideal target at 2800.00. So far, this index has gained a worth while momentum and chances of rising even higher is expected. The anticipated bullish price movements is the continuation of the impulsive wave (5) and should break above 2800.00 towards 3000.00. This index has a close positive correlation to Hong Kong Dollar index, Nikkei, German stock index and other indices. If majority of these indices are giving you the same signal, then we'll be good to pick a long position towards 2800.00 or even higher to 30000.00.

Trade Recommendations:

Remain long Towards 2800.00.

Bitcoin weekly review

Wave Analysis:

During the previous week, Bitcoin recovered almost 70% the value it lost during the week ending 17th December 2017. During this week, month, and even during this year, we expect a possible momentum to he upper side. First, Bitcoin has a tendency of declining in value beginning of every year and gaining momentum in the course of the same year, with that in mind, we expect bitcoin to decline in value this month, and possibly part of next month before it continues upwards. Bitcoin cold technically decline towards $7000.00 before we see a long term movement to the upper side. This upwards rally will be the continuation of the impulsive wave (5) to the upper side and may break above $20,000.00. This crypto currency has a strong positive correlation to Ripple, Etherium and Litecoin. If you're looking to buy Bitcoin in the near future, you could also buy Ripple, Ripple has the potential of rising up to $3000 in the next 10 years.

Trade Recommendations:

Wait for a correction towards $7000 to rebuy Bitcoin.

Gold weekly Review:

Wave Analysis:

Gold is currently trading within a contracting wedge formation: For the past few days after bouncing from the lower supportive trend line, gold markets has been rising and is still showing signs of rising even further. During this week, month and even during this year, we expect a possible bullish price movements and should breakout above the upper resistive trend line further upwards. If you're a bit skeptic to buy this commodity now, you could wait for a break above the upper trend line to rebuy this commodity with an ultimate target at 1403.0. If this target is broken, then the price could head up towards 1500.00. This commodities should be traded alongside Silver, and other metals, these have  a strong positive correlation of up +76% and will move in the same direction during this week and month. When you'll be looking to buy gold above the upper trend line also look to silver and others.

Trade Recommendations:

Remain long towards 1500.0.

 

 

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Graham Osano
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