Daniel_Kostecki

Daniel_Kostecki

The Japanese Yen seems to be one of the weakest currencies in the world. Despite the recent slump in the price of the US Dollar, the JPY is even weaker and the USD/JPY exchange rate seems to be moving higher. What is more, the pair is trying to move above the upper limit within a huge wedge pattern that has been creating since the beginning of 2017. So if the USD...

Daniel_Kostecki

Looking at the ETH/USD chart we may spot two potential patterns. The first one is the trend continuation structure and looks like a symmetrical triangle pattern. So if the line drawn through the bottoms is broken the price may fall further to 2160 USD or even lower. The mentioned level, in the second pattern, could also be recognized as a right shoulder in an...

Daniel_Kostecki

After the recent slump of the bitcoin price the market has paused the free fall and seems to start consolidating. What is more, the recent consolidation looks like an accumulation pattern known from the Richard Wyckoff method. It seems that phase A with selling climax and automated rally is behind us with potential phase B and secondary test. Currently, the...

Daniel_Kostecki

The EUR/USD exchange rate has reached the highest level since the beginning of the year and moved above 1,22 USD. However, the whole upward structure looks like a potential rising wedge pattern where the two lines could potentially set the nearest resistance and support levels. If the line drawn through the bottoms is broken we may expect a stronger dollar with a...

Daniel_Kostecki

Looking at the price of bitcoin on the log chart we may spot that the recent pullback could be labeled as wave 4. The previous bull run consists of five sub-waves within wave three where no divergence on MACD has appeared. Looking at the current drop huge hidden divergence has appeared. This would be typical for wave four. According to the Elliott wave analysis,...

Daniel_Kostecki

In our previous analysis of the EUR/PLN exchange rate, we’ve been talking about a potential XABCD harmonic pattern which could also be labeled as simple correction ABC. The market has moved above potential resistance at 4,50 PLN which opened the way to another potential resistance at 4,55 PLN. However, if this level is broken the market may move even to the...

Daniel_Kostecki

The price of bitcoin has plunged over 20 percent in recent days. This might be probably the quickest and the biggest drop in history. It could be caused by one time factor of selling about 30 000 BTC which has been transferred to exchanges last week. If the supply is over, in the short term the market may try to defend potential support. It is set by the equality...

Daniel_Kostecki

The price of ETH has dropped sharply today from its record high above 2000 USD. The market has retraced back from the top by about 30 percent which might be a typical correction from time to time on this market. From the technical point of view the drop has ended at the potential support set by the previous top at 1487 USD and at the line drawn through the...

Daniel_Kostecki

It seems that the price of bitcoin moves in cycles thanks to halving which takes place approx. every four years. In the previous cycles, the BTC/USD has reached the top in December 2013 and 2017 - the four year cycle. Currently, the four year cycle ends in December 2021, so this year in ten months. In the first cycle, bitcoin rallied 10000% followed by about 80%...

Daniel_Kostecki

In our previous analysis about bitcoin, we have mentioned possible ABC correction, the end of possible wave C or later we’ve mentioned the trendline breakout with a potential target at 45340 USD. The target has been reached and the price moved higher to reach the psychological 50 000 USD level. The strong price action happened there which could indicate potential...

Daniel_Kostecki

The EUR/PLN exchange rate has been forming a potential bullish harmonic pattern labeled as XABCD. What is more, it could also be labeled as ABC simple corrective pattern so the market may be prepared for a potential new impulse wave. The euro could strengthen to Polish zloty after a 4,50 level breakout and then the way to the next 4,55 resistance level. It seems...

Daniel_Kostecki

The price of Litecoin seemed to create a huge double bottom pattern with the key support at 25 USD. Since it has been defended the price skyrocketed and has broken the potential key resistance at 144 USD. Currently for one LTC one should pay 175 USD. As a consequence the price may still have opened way to the textbook target for double bottom pattern at 258 USD....

Daniel_Kostecki

The price of bitcoin has set a new all-time high after Tesla announced that it bought bitcoin worth 1,5 bln USD and could accept payments for the cars in the near future. The market after an ABC correction which also looks like falling wedge has almost reached the potential target just above 45000 USD. The upcoming days could be crucial for the future of this...

Daniel_Kostecki

The EUR/USD exchange rate has been falling since the beginning of 2021. Previously we have mentioned the Elliott Wave pattern where the whole upward structure looks like a possible impulse wave since March 2020. What is more, above 1,2000, where the fifth wave may have ended the ECB were talking about a strong euro which could limit the upward movement. It seems...

Daniel_Kostecki

The price of ETH has set a new all-time high on Wednesday by breaking the round level of 1500 USD. However, the market still seems to be moving within a key pattern that looks like a potential rising wedge. Its upper limit is being tested and we may wait for a potential breakout or correction if it is not broken. What is more, we could spot a falling volume with...

Daniel_Kostecki

In our previous analysis about the USD/CHF currency pair we have mentioned that the market may create an inverted head and shoulders pattern. It seems that the right shoulder has formed and the market was ready for the new impulse which has broken a neckline. What happened yesterday may confirm the assumption about inverted head and shoulders pattern and may open...

Daniel_Kostecki

In our previous analysis about the silver market, we have mentioned about the possible end of the ABC correction. We described it as a running correction where wave C consists of 5 fives. As a consequence, the market seemed to be ready to create another impulse wave which occurred at the of the previous week and today. From the technical point of view if the...

Daniel_Kostecki

In our previous analysis, we have mentioned that bitcoin may have ended the ABC simple correction. We assumed that because of the shape of the ABC pattern and the larger volume at the end of wave C. Currently, the market got a boost from Elon Musk, who changes his bio on Twitter, putting in the bio just #bitcoin. It led to a huge spike with over 4000 USD...