Elliott Wave: Can Bitcoin break above 100k, despite bullish USD? [Video]

Gregor Horvat Wavetraders

The US dollar and markets were mostly quiet (despite JPY) at the end of last week due to the Thanksgiving holidays. During that time, the dollar saw some retracement, as we discussed in earlier updates, and now, it appears this could be just another correction within the broader uptrend for the US dollar, and I still see a chance for another and final push higher.

A potential catalyst could be recent comments by President-elect Donald Trump, who wrote on social media that BRICS nations might face 100% tariffs if they attempt to create a new currency to replace the US dollar. This has provided some support for the dollar at the start of the week as well as ISM Manufacturing PMI figures that came out above expectations. So, it will be interesting to see if the Dollar trend resumes upward.

This week, next key events for the US dollar include the US Services PMI and Powell’s speech on Wednesday, followed by the US jobs report on Friday. But for me, as you know the most important is the price structure. Currently, I see a potential for this pullback being wave four on DXY. In such a case, a fifth wave could target 108, before dollar makes some serious top.

In Elliott Wave Live session today, I talked about USD in detail, discussed about cryptocurrencies, metals, US single stocks and also paid close attention to JPY and AUDNZD, which we think can have interesting bearish setups.

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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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