Elliott Wave Analysis

Bitcoin Trying To Breakout After US CPI PrintMay 15, 2024

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The US dollar is showing a notable downturn after today’s CPI figures were released at 3.4%, down from the previous 3.5%. This reinforces market sentiment that the Fed is unlikely to hike rates, especially after comments made by Powell yesterday. This scenario supports a risk-on environment, especially considering the bearish Elliott Wave structure in the US yields, suggesting further declines. This backdrop implies that other assets could rally. For instance, Bitcoin has seen a significant bounce, finding support at crucial trend lines, and can be poised for higher levels if HS neckline near 66k is broken . Similarly, Nvidia and silver also show potential for gains in the coming weeks.

However, building intraday trades at this juncture can be challenging due to potential setbacks before the market continues in the direction of dollar weakness.

If you found this analysis helpful, please leave a comment below, like this video, and consider sharing for more updates in the future.

Grega

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