Bitcoin weekly review:
Wave Analysis:
For the better parts of this, Bitcoin has been in a steady up rising almost hitting the highs of $4500. This cryptocurrency recoiled back last week almost 10% the value it gained few months ago. We expect this cryptocurrency to gain value and should rise further towards $7000 by the close of this year. However, Bitcoin could expunge up to half the value it gained after hitting the highs of $4800 or on hitting $5000. If the resistance line $4800 can successfully protects the upper side, then Bitcoin could drop towards $3000, if its broken, then Bitcoin could rise steadily up to $10,000 in the next one year. From Elliot wave’s point of view, the previous week’s drop in price is the unfolding of the corrective wave (4) towards 3955.55, where we’ll be looking to rebuy Bitcoin at the least price. An alternative to Bitcoin is Ethereum, these two are both Cryptocurrencies and tends to move in the same direction; at sometimes, but not all the times
Ethereum Daily chart.
Trade Recommendations:
Assess the market for another buy
Brent Weekly Review:
Wave Analysis:
Instead of pulling back as previously forecasted, this commodity continued slightly to the upper side before pulling back slightly. We expect further pullback to the lower side towards the lower supportive trend line, where we’ll be looking to rebuy the impulsive wave (c) with our first target at the daily resistance line 58.67. If this resistance is violated the price could rise even further towards 70.27, where there’s a key resistance level and a possible supply zone. If this zone is again violated, then the price could spike even further towards 83.00
Trade Recommendation
Look for potential long positions towards 7027
Gold weekly review
Wave Analysis:
After the bullish with it’s tail touching the support zone 1212.86-1191.12, gold market has been in a tear, with price hitting almost the highs of 1300.00. Perfectly as previously forecasted, the impulsive wave (c) rallied higher and is still showing signs it could rise even further during this week. Despite the previous spike upwards, it will have to retrace slightly to the lower side to give us the best buy entry slots. That said, in recommend buying gold, but only up to the monthly resistance level 1396.94. Sell positions can only be recommended upon a rebound from 1383.26. This commodity should be traded alongside silver these two have a strong positive correlation of up to +75% and may move in the same direction during this week.
Trade Recommendations:
Remain long with your target at 1396.94
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