Technical Analysis

Weak Dollar And Bullish Technical Is Signal For Higher BitcoinAug 23, 2024

After some initial recession fears spurred by the NFP report showing higher unemployment (4.3%) at the start of Avugust, stocks have bounced back up as last week’s retail sales data indicates the economy isn’t as bad as feared. CPI figures have also helped stabilize the markets, and with the FED potentially closer to cutting rates in September, the stock market may continue higher.

Now that stocks are back to bullish mode, we can see a strong risk-on sentiment that can push stocks even higher, while USDollar will most likely stay under bearish pressure along with US Yields, which can help Crypto market to stay in the bullish trend.

So this time we want to update an interesting weekly BITCOIN technical chart we have been tracking for the last two years. Notice that back in 2023, bitcoin broke out of a downtrend channel and then retested it as a support, followed by a rise above 50-week Moving Average, which interestingly, also held as a support. Since then price turned higher, and start forming some extended structures since beginning of 2024.

Now in the second part of 2024 we got some slow down after touching 80k, but it clearly looks like a corrective and sideways price movement within uptrend, that once again retested 50-week MA support, also with nice bullish hammer candlestick formation. That said, be aware of a bullish continuation into the end of 2024.

Weak Dollar And Bullish Technical Is Signal For Higher Bitcoin BTCUSD Weekly Technical Chart
BTCUSD Weekly Technical Chart

Commodity

Coffee Is Getting Expensive

Funded Trader Program

Trade our money and collect the profits.

Learn Elliott Waves

Access to more than 7 hours of educational material

Crypto

DeFi Index Is Extending Higher

Become a premium member

Get daily Elliott Wave updates for SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close