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Elliott Wave: Traders Are Buying Bitcoin Again

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Oct 06 2021

Cryptocurrencies are moving higher and it can have something to do with President Joe Biden who blamed Republicans for blocking efforts to raise the U.S. borrowing limit. Keep in mind that more USD, more printing, more US debt is what drives the value of the currency lower. The USD is losing power and as an alternative and speculation to the USD traders will turn into "gold", or in the digital era, they will focus on cryptocurrencies.

Technically we see some nice intraday impulses across the board which can take prices higher after any pullbacks.

Bitcoin is approaching September highs, after a decisive break out of a base channel that also acted as a support after a retest earlier this week. We can see a nice and sharp move up, currently into 52k-53k area where the bitcoin may slow down as former high can represent a strong resistance. So, be aware of some slow down before the uptrend may resume, ideally after the fourth wave. Support on nay set-back from here would be at 48k , but if we see extensions above 53k and towards 56k, then, of course, 53k would be the support to watch.

Regarding the bearish side, pay attention to 45k. Move below that lv. would invalidate the current bullish trend .




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