Last week saw a major dump for Bitcoin, Ethereum, and the altcoins. The coins fell into our target zones and we are looking to what may happen next.
Click Here for this week's in-depth analysis video
Looking at the macro level, we have two scenarios that could have us moving up or down. The move up would give us the 5th wave of our Elliott Wave pattern. The other option is that we have already finished the 5th wave and we are moving into more of an ABC correction. Key levels to watch is at the 28K level where this recent move down would break previous lows, decreasing probabilities that we may still see a 5th wave up. Moving into the ABC correction, we could see a B-wave rally shortly after we break the 28K lows and then move further south to around 16K.
For a more in-depth analysis check out the video that gives more detailed targets and invalidations.
S&P500, Gold, Silver
The traditional markets have been facing stiff resistance in the face of rising inflation and monetary policies. A significant drop is likely incoming among equities as manifested in the S&P500 chart. However, as the equities are starting to sell off, Gold and Silver have continued to maintain and/or gain in value, which may act as a hedge against some of the selling pressure in the traditional markets.
For a technical analysis on the S&P500, as well as gold and silver, check out this week’s video.