Bitcoin prices were moving upward at the beginning of 2021. But, its investors have seen heavy downfall into May to June. Afterward, it has hiked from 28600 to above 51356.
According to Elliott’s wave theory, it’s running under the 4th wave. We may see a sideways trend here. Bitcoin is preparing for a solid uptrend ahead. It’s a right to jump on Bitcoin for the long-term investment.
And the correction can be between the range of 28600 to 50000 because it will start marching for $1,00,000 soon. Read more
Price has made significant Low at 20th August 2021.
Extreme low has given us beautiful Impulsive structures.
Wave Nature: Motive wave
Type of motive wave: Impulse (Five waves)
Wave Nature: Corrective waves
Type of corrective pattern: Irregular or Expanded flat.
Retracement of wave ((2)): 50% of wave ((1)).
Wave Nature: Impulse (3rd wave can only be an Impulse with 5 waves)
Extension of wave ((3)) :
At this motion, price is riding on sub-wave (3) of wave ((3)).
Wave has an extension of ((3)) 161.8%, but the party is not over yet.
We are to get waves (4) and (5) of wave ((3)). One can expect 2.618% of wave ((3)) and even more!
Sub-waves of wave ((3)) :
Wave (1) is an impulse.
Wave (2) is an irregular flat.
Wave (3) is an impulse.
Extension: 161.8% of wave 1
The price extension of wave (3) is 161.8%. If the price breaks the 1.39154 level without any correction, we will have a powerful extension.
According to rules of alternation, if the second wave seems flat & time-consuming, then wave four can be sharp and quick.
We may get a running triangle or a zigzag correction.
Common Retracement: 38.2% of 3rd wave at 1.38305
50% of 3rd wave at 1.38101
61.8% of 3rd wave at 1.37924
50% retracement for wave 4 is acceptable for two reasons:
1. An Important support level is the 1.38107 – 50% retracement level of Wave 3.
2. Wave 4 is more often complete nearby the sub-wave (4) of wave ((3)).
If the price breaks the hurdle line, Read more
Gold has started collapsing nonstop after Nonfarm Payrolls data. And it stopped at my ‘tested many times’ level. XAUUSD has recovered 50% almost in the previous week.
The gold spot needs to break the 1793.6 level to start an uptrend. Afterward, it will go for 1806 – 1826 levels. And these levels can push the gold price up to 1900.
But if gold breaks the strong support again, it will start falling. This time, it won’t stop! Hence, the short-term traders can start selling from there for the targets of 1744 – 1726 – 1684.
MCX Gold Will Have An Explosive Rally This Wednesday
MCX traders should keep their eyes on the 46720 levels. It’s a trend changer.
As per XAUUSD, Indian MCX Gold can raise 47500 – 48260 after a breakout of $1793.6. And if it breaks the strong support of Gold Spot, it will keep falling for targets of 46260 – 45860.
For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil. Especially, don’t forget to watch this Wednesday’s events to find out gold upcoming actions. Read more
Key level: 62110
On 6 June 2021, I had drawn a chart of silver (URL: https://moneymunch.com/mcx-silver-touch-69200-this-week-tips/). Wherein, I’ve shown the silver can collapse up to 0.618. It has made a low of 62184 and touched 0.618 levels of retracement.
If MCX silver crossover and close below the level of 62110, it will try to hit 60000 – 58900 – 57260 levels.
Otherwise, it will take a bounce back from here and come back to the 65800 – 69200 levels.