Cryptos higher as USD turns south – Elliott Wave analysis

Gregor Horvat Wavetraders

Bitcoin came nicely down, into the gap seen in Dec 2020. These gaps firstly act like a magnet but once they are filled, the reversal can occur as new orders are triggered in that area which can have an impact on price. So far, we can see a nice turn-up, with the next open gap from here at 28-29k. This week we can also see that Crypto Total market cap is back above $1T as USD turns down across the board. DXY still has only one leg from the high, so even if its a correction we need three waves down, so we can expect more upside on cryptos after a retracement, and on possibly stocks as well.

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Author

Gregor Horvat

Wavetraders

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

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