Bitcoin Weekly Review
Wave Analysis:
Bitcoin continues to crash day by day since hitting the high of $20,000.00. We expect the downward rally that began a week ago to be the unfolding of a corrective three wave cycle and should not go beyond the support line 4677.97, if this level is broken, then we’ll be waiting for a break below 4540.99 to confirm a possible bearish price rally towards 1892.95 or even lower. Anyone buying bitcoin now should be prepared to hold onto a losing streak until somewhere below $1000.00. Instead of buying Bitcoin Core, you could buy Bitcoin Cash, or ripple.
Trade Recommendations:
Remain short with your target at 4577.47 and the next target at 1892.95.
German Stock index Weekly review
Wave Analysis:
After a massive extension to the upper side, the impulsive wave (5) barely reached the highs of 13232.00 but is currently heading to the lower side. The downward rally that began few days ago, is the unfolding of a corrective three wave cycle and should not go beyond 12075.00. break below will push the price further to the lower side with an ultimate target at 9160.00. This view can only be invalidated in case the price clearly gets above132401.9, this being the case, we expect a massively extension towards 13532.00. This index should be traded alongside other indices such as Hong Kong index and Others.
Trade recommendation:
Remain short with your target at 9169.0
Gold weekly Review:
Wave Analysis:
For almost the past year, gold was in an active upward momentum but is currently approaching a key monthly resistance level 1362.03. As long as this level protects the upper side, we expect an rebound from it to short this commodity with an ultimate target at 1070.12. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and may break below 1070.12 towards 659.25. This view can only be invalidated in case the price end up breaking above 1362.03, this being the case, we expect a possible bullish price movements towards 1716.60. This commodity should be traded alongside Silver, these two have a strong positive correlation of up to +62% and will move in the same direction today.
Trade Recommendations:
Sell Gold around 1362.03 towards 1070.13.
