TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

AMD can be supportive for Bitcoin: Elliott Wave analysis

AMD can be supportive for Bitcoin: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

Hello traders, today we will talk about AMD, its price action from technical point of view and wave structure from Elliott wave perspective. We will also compare it to Bitcoin, as both assets belong to technology sector.

Advanced Micro Devices – AMD is an American multinational semiconductor company that develops computer processors, graphic cards and related technologies for business and consumer markets. We know graphic cards are used for cryptocurrency mining and this is the reason why there's positive correlation between AMD and Bitcoin.

Chart

If we take a look at the weekly chart, we can clearly see bullish trend and from Elliott wave perspective, we still see it unfolding five waves up. Current decline from the highs, looks slow, choppy and overlapped which indicates for wave IV correction. So, we believe that AMD is now approaching important and strong support at the former wave (IV), EW channel support line and 200-Week moving average.

Well, if we are on the right path, then AMD could start bouncing and recovering within wave V soon and if we respect a positive correlation, then Bitcoin could easily follow.

Get Full Access To Our Premium Analysis For 14 Days. Click here!

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

More from Gregor Horvat
Share:

Editor's Picks

XRP slides amid a fragile crypto market structure

XRP slides amid a fragile crypto market structure

Ripple (XRP) falls for the second straight day, trading at $1.37 on Thursday. The broader cryptocurrency market remains fragile as investors weigh the impact of geopolitical tensions in the Middle East, which triggered persistent increases in Crude Oil prices while restricting shipping through the Straight of Hormuz and the Red Sea.
Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks

Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks

Bitcoin (BTC) remains under pressure, trading below $78,200 at the time of writing on Thursday after declining nearly 3% so far this week. Weakening institutional demand, along with escalating geopolitical tensions between the US and Iran near the Strait of Hormuz, continues to dampen risk appetite and weigh on the Crypto King. Institutional demand for Bitcoin shows early signs of caution.
Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses

Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses

Ripple (XRP), Solana (SOL), and Cardano (ADA) struggle to extend last month's advance, pointing to moderating buying pressure. The technical outlook for XRP, SOL, and ADA suggests a mild near-term bearish bias as momentum weakens. Ripple trades around $1.3800 at press time on Thursday, extending losses after a bearish close the previous day.
Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds

Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds

Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin’s cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.