Bitcoin Crypto Price News Today Elliott Wave Technical Analysis
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By tradinglounge · Posted
GBPAUD Elliott Wave Analysis Trading Lounge Day Chart British Pound/Australian Dollar (GBPAUD) Day Chart GBPAUD Elliott Wave Technical Analysis Function: Bearish Trend Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 3 Direction Next Lower Degrees: Orange wave 4 The GBPAUD Elliott Wave Analysis for the daily chart reveals a bearish trend, suggesting that the British Pound is weakening against the Australian Dollar. This trend is classified as impulsive, which means the market is experiencing strong downward momentum. The focus is on orange wave 3, a significant part of the ongoing bearish movement. The market is positioned within navy blue wave 3, which forms part of the larger downward trend. After the completion of orange wave 2, the market has now transitioned into orange wave 3, maintaining the downtrend. In Elliott Wave Theory, wave 3 in an impulsive sequence is typically the most powerful and extended, indicating that the bearish trend is strengthening as orange wave 3 progresses. The next anticipated movement is orange wave 4, which will represent a corrective phase once orange wave 3 completes. However, as of now, orange wave 3 is still active, and the market is expected to continue its downward trajectory before any correction occurs. This suggests that bearish momentum is likely to persist in the near term. A critical level to observe is 1.95855, which acts as the wave cancel invalidation point. If the market rises above this level, the current Elliott Wave analysis will be invalidated, requiring a reassessment of the market's wave structure. This invalidation point is crucial for traders, as it confirms whether the downtrend remains intact. Summary The GBPAUD Elliott Wave analysis points to a strong bearish trend, with orange wave 3 driving further declines. Traders should carefully monitor the invalidation level of 1.95855. Any movement above this level would invalidate the current analysis, potentially shifting the market outlook. Until then, the bearish trend is expected to continue unless this key level is breached. British Pound/Australian Dollar (GBPAUD) 4-Hour Chart GBPAUD Elliott Wave Technical Analysis Function: Bearish Trend Mode: Impulsive Structure: Gray wave 3 Position: Orange wave 3 Direction Next Higher Degrees: Gray wave 4 The GBPAUD Elliott Wave Analysis for the 4-hour chart indicates a bearish trend, suggesting a downward movement for the British Pound against the Australian Dollar. This trend is classified as impulsive, meaning the market is moving strongly in the direction of the trend. The primary focus of the analysis is on gray wave 3, which is driving this bearish movement. Currently, the market is positioned within orange wave 3, which is part of the overall downward structure. Following the completion of gray wave 2, the market has entered gray wave 3, signaling a continuation of the bearish trend. In Elliott Wave Theory, wave 3 is usually the strongest in an impulsive sequence, indicating that the downtrend is gaining momentum as gray wave 3 progresses. The next expected movement is gray wave 4, representing a corrective phase after the completion of wave 3. However, at this stage, gray wave 3 is still active, and the market is expected to continue moving lower before any corrective movement begins. A critical level to monitor is 1.94868, which serves as the wave cancel invalidation point. If the market rises above this level, the current Elliott Wave analysis would be invalidated, and a reassessment of the wave structure would be necessary. This level is vital for traders as it confirms whether the bearish trend remains intact. Summary The GBPAUD Elliott Wave analysis for the 4-hour chart suggests a continued bearish trend, with gray wave 3 leading the downward movement. Traders should closely monitor the invalidation level of 1.94868, as any movement above this point would invalidate the current analysis. Until then, the bearish trend is expected to persist with further downside potential. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By CryptoChamp · Posted
Chainlink has experienced a remarkable upward trend throughout September. Here’s a breakdown of its recent developments and potential for future growth, along with a LINK price prediction for the upcoming months Impressive Growth Rate Chainlink’s price has increased by 39% this month. The token has consistently made higher highs, indicating strong upward momentum. Significant Partnerships Chainlink has formed important partnerships, including one with the Depository Trust and Clearing Corporation (DTCC). This collaboration connects Chainlink with major U.S. financial institutions like Franklin Templeton (managing $1.5 trillion) and Invesco (managing $1.7 trillion). Integrating Traditional Finance A partnership with SWIFT aims to combine traditional finance with blockchain technology. This integration could boost Chainlink's adoption and usage, ultimately affecting its price positively. Dominance in Oracle Technology Chainlink is the leading decentralized oracle network, essential for connecting smart contracts with real-world data. Major banks are testing Chainlink's Cross-Chain Interoperability Protocol (CCIP), which could facilitate massive flows of capital into the blockchain space. New Partnerships and Use Cases Chainlink has secured a partnership with ANZ, a leading Australian bank with over $1 trillion in assets under management. This collaboration will use Chainlink’s CCIP to enable secure cross-chain exchanges of tokenized real-world assets. Staking Benefits Staking has proven to be a powerful price mover in the crypto market. Currently, 6.87% of the total 626.8 million LINK tokens are staked, which adds to the token's scarcity and value. Recently, 18.75 million LINK tokens were unlocked, injecting over $207 million into the market, fueling bullish momentum. Current Price and Market Sentiment Chainlink is trading at $12.44, showing a 0.25% increase in intra-day trading. With new developments and growing demand for the LINK token, the overall market sentiment around Chainlink remains positive. Chainlink's partnerships and advancements in oracle technology position it well for future growth. As interest and investment in its services rise, Chainlink is poised to play a significant role in the evolving landscape of blockchain technology. -
By CryptoChamp · Posted
PEPE is a unique cryptocurrency that has captured the attention of many in the crypto world. Here’s what you need to know about this deflationary token inspired by the famous Pepe the Frog meme, including insights on PEPE price prediction. What is PEPE Coin? Inspiration: PEPE was launched on the Ethereum network to honor the iconic Pepe the Frog meme from the early 2000s. Memecoin Goals: Similar to successful coins like Shiba Inu and Dogecoin, PEPE aims to be a fun and entertaining token with no transaction fees. Recent Performance Market Cap: In mid-2023, PEPE reached a market cap of $1.6 billion, attracting a lot of interest from crypto fans. Trading Platforms: You can find PEPE available on major platforms like Uniswap and Binance. Current Price: As of now, PEPE is trading at $0.000010, showing a significant 34.73% increase in price over the past week. MVRV Ratio Insights Market Trends: The 30-day MVRV (Market Value to Realized Value) ratio recently spiked to 38.7%. This indicates that many short-term traders are making profits. Potential Risks: If PEPE's price drops below the support level of $0.00001, it could lead to a further decline as sellers may take action. Future Prospects Bullish Sentiment: PEPE has shown strong buying pressure, with its price consistently testing and bouncing off key support levels. Technical Patterns: A falling wedge pattern suggests a potential bullish breakout. This often signals upcoming price movements after a period of price consolidation. Moving Averages: A crossover between the 50-day and 200-day simple moving averages (SMA) may indicate a bullish trend if the 50-day SMA rises above the 200-day SMA. Conclusion Looking Ahead: If PEPE can maintain its price above $0.00001 by mid-October, a recovery toward $0.000015 is likely. The recent surge in demand, fueled by notable purchases, could also contribute to this positive trend. Overall, PEPE is not just a fun token but also shows promise in the volatile crypto market. Keep an eye on this memecoin as it navigates the exciting world of cryptocurrency
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