Is it the right time for Bitcoin to jump above $30k again?

Is it the right time for Bitcoin to jump above $30k again?
фото показано с : coinjournal.net

2023-9-5 11:40

Bitcoin and EUR/USD have a direct correlation If EUR/USD makes a new high for the year, Bitcoin should follow Elliott Waves points to a move back above 1.10 for EUR/USD

It has been a struggling summer for Bitcoin investors as the US dollar strengthened. After trading above $30k in mid-April, Bitcoin failed at the highs just as the dollar’s strength started.

The easiest way to interpret Bitcoin’s price action is to look at the EUR/USD. When Bitcoin traded above $30k in mid-April, EUR/USD reached above 1.10 after an impressive rally from below 0.96.

Then, the EUR/USD corrected to the 1.06 area, and Bitcoin followed the same path as it dropped to $25k. Next, EUR/USD made a new high and traded above 1.12, a move that Bitcoin quickly copied as it made another high for the year.

It is, therefore, safe to assume that for Bitcoin to reverse the recent bearish trend, we should see the EUR/USD bounce from the current levels and trade above 1.12 again. More precisely, the dollar’s strength should end for Bitcoin to reverse course.

EURUSD chart by TradingView

Elliott Waves suggests EUR/USD should trade above 1.10 again

Looking at the EUR/USD rally from the 2022 lows through the lens of the Elliott Waves theory, it becomes evident that the market completed a five-wave structure when it reached 1.12.

Everything fits – the extension, the channeling, and even the retracement from the highs, completed in the right time needed to validate the pattern.

It means that EUR/USD weakness seen during the summer months is part of a corrective phase. Once ended, the correction should be completely retraced.

Therefore, all eyes are on the 1.10 pivotal level. By regaining the level, EUR/USD should also put a bid under Bitcoin, should the correlation mentioned earlier remain valid.

The post Is it the right time for Bitcoin to jump above $30k again? appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97530.68 (-0.01%)
Объем 24H $97.042b
Изменеия 24h: 3.23 %, 7d: 7.42 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1929.686b Rank 1
Цена в час новости $ 25637.74 (280.42%)

bitcoin eur usd above elliott back points

Источник: coinjournal.net

bitcoin eur → Результатов: 100


Iconic Funds to issue ETN based on NYSE Bitcoin Index (NYXBT)

Iconic Funds, a global crypto asset management firm, today announced it will issue an Exchange Traded Note (ETN) for bitcoin of up to 100,000,000 Notes, tracking the NYSE Bitcoin Index (NYXBT). The Notes may be subscribed to by qualified investors with both EUR and BTC, with a minimum subscription size of 100,000 Notes and an […] CryptoNinjas: Iconic Funds to issue ETN based on NYSE Bitcoin Index (NYXBT)

2019-10-29 13:01


Second-Largest Exchange in Germany Starts Bitcoin (BTC) Spot Trading

The second-largest stock exchange of Germany, Exchange Boerse Stuttgart, has recently opened up a new branch to trade digital assets, the Boerse Stuttgart Digital Exchange (BSDEX). This new platform, which will be fully regulated by the local law, will start the trading of virtual assets, starting with a single trading pair: BTC/EUR. Initially, the launch […]

2019-9-24 01:22


Kraken bitcoin exchange adds new funding options in five major currencies

Kraken bitcoin exchange adds new funding options in five major currencies » CryptoNinjas Kraken, the popular bitcoin and cryptocurrency exchange company, announced that its clients now have new options to deposit and withdraw USD, EUR, CAD, GBP, and JPY globally through Etana Custody In collaboration with Etana Custody, almost every Kraken client across 180+ countries has access to new funding options in five major currencies – USD, EUR, […] Kraken bitcoin exchange adds new funding options in five major currencies » CryptoNinjas

2019-7-30 13:27


Фото:

Binance Jersey Review: GBP/EUR Fiat-Crypto Exchange Guide 2019

Binance was founded in 2017 by Changpeng Zhao (also known as CZ) and rose to prominence during the 2017 crypto bull run when prices of crypto assets reached spectacular new heights. In that short time, Binance has managed to become the largest crypto asset exchange by trade volume and made its founder, CZ, a kind […] Binance Jersey Review: GBP/EUR Fiat-Crypto Exchange Guide 2019 was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.

2019-5-14 17:29


Фото:

Societe Generale Issues First Covered Bond (EUR 100m) As a Security Token on the Ethereum Blockchain

Societe Generale SFH, a subsidiary of the Societe Generale Group, announced yesterday that it issued covered bonds worth EUR 100 million as security tokens via the Ethereum network. This is the first time the lending firm has made such a move as it explores ways to use blockchain technology to ease financial transactions.

2019-4-24 18:09


Quantum.uk: обзор нового криптовалютного обменника и кошелька

Quantum. uk – новый лицензированный в SEPA зоне криптообменник со встроенным криптовалютным кошельком и возможностью ввода средств в фиатной валюте. Quantum. uk позиционирует себя как платформу для хранения, обмена и заработка на криптовалютах.

2019-4-16 10:24


дальше еще 51 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Traders dump Cardano and IOTA as they move to Vantard

Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem.

Crypto fear and greed index dive as focus shifts to Vantard

The crypto fear and greed index continued falling, reaching its neutral zone of 56, as most coins retreated.   Bitcoin moved to $68,000, much lower than this month’s high of $73,500. Similarly, Ethereum token fell to $2,400, while the total market cap of all cryptocurrencies dropped to $2.

Why experts are backing cryptos like Vantard, MEW, and Popcat

Cryptocurrency prices are doing well this year, with most of them outperforming traditional assets like the S&P 500, Nasdaq 100, and the Dow Jones. These indices have all jumped by over 15%, while Bitcoin has risen by almost 60%, and is hovering near its all-time high.

Growing number of Solana and Cardano investors are investing heavily in this utility token under $0.08

A growing number of smart money crypto investors are shifting their focus from Solana (SOL) and Cardano (ADA) to an emerging utility token priced under $0.08. The Rexas Finance token offers a unique value proposition with strong use cases in decentralized finance (DeFi) and real-world asset tokenization, making it an attractive alternative to more volatile […] The post Growing number of Solana and Cardano investors are investing heavily in this utility token under $0.08 appeared first on CoinJournal.