FX.co ★ Weekly forecast based on simplified wave analysis for #Bitcoin, #Ethereum, EUR/GBP, and AUD/JPY

#Bitcoin

Analysis:

The wave analysis of the unfinished segment of the dominant bullish trend since November of last year indicates the completion of the horizontal correction phase. The ascending segment potential from September 12th has reversal potential. After a strong level in the form of a corrective flat was confirmed at the end of last week, the instrument's price will move further upwards.

Forecast:

In the next couple of days, a continuation of the downward movement vector for Bitcoin is expected, with a price decrease down to the support zone. There's a high probability that the price will drift in this area further. By the end of the week, one can expect an activation and a resumption of the altcoin price increase.

Potential Reversal Zones

Resistance:

• 37500.0/38000.0

Support:

• 32200.0/31700.0

Recommendations:

Selling: Risky and may lead to losses.

Buying: Will become relevant after corresponding signals from your trading systems appear in the resistance zone area.

#Ethereum

Analysis:

A bearish sentiment has dominated the Ethereum market since April of this year. In the overall structure, it occupies the place of correction (B) of the previous trend segment. The unfinished wave segment is ascending, starting on September 11th. The correction wave is in the form of a shifting plane. The price is trapped in a narrow price corridor between two opposing zones.

Forecast:

At the beginning of the upcoming week, the completion of the downward movement vector is expected. In the calculated support area, one can expect a halt and the formation of conditions for a reversal. By the end of the week, increased volatility and a resumption of the Ethereum price increase are likely.

Potential Reversal Zones

Resistance:

• 2000.0/2050.0

Support:

• 1650.0/1600.0

Recommendations:

Selling: Quite risky and may lead to deposit losses.

Buying: Possible with reduced volume after reversal signals from your trading systems appear in the resistance zone area.

EUR/GBP

Analysis:

The analysis of the weekly chart of the euro/pound currency pair shows the formation of a descending horizontal flat. The segment of movement from July 12th initiated a correction phase. The price mainly drifts within a horizontal flat with an ascending vector. The price needs to establish itself above the next broken level.

Forecast:

A flat movement pattern is likely in the coming days of the upcoming week. A brief decline to the support zone is not excluded. Further, a reversal and the resumption of the ascending direction can be expected from this zone.

Potential Reversal Zones

Resistance:

• 0.8820/0.8870

Support:

• 0.8660/0.8610

Recommendations:

Selling: Carries a high degree of risk and is not recommended.

Buying: After the appearance of corresponding signals from your trading systems in the resistance zone area, they may become the main direction for transactions.

AUD/JPY

Analysis:

The market for the Australian dollar against the Japanese yen cross-currency pair is globally pushing prices to the "north" of the price field. Along a strong resistance zone since mid-June, the price is forming a horizontal correction. Price extremes on the chart form a "pennant" pattern. The structure of this segment is not yet complete.

Forecast:

In the coming days, there is a high probability of an upward movement vector. The completion of the ascent and the formation of a reversal are expected in the resistance zone. By the end of the week, anticipate the start of a decline in the exchange rate of the pair. The support boundary represents the most anticipated lower zone of the weekly range.

Potential Reversal Zones

Resistance:

• 96.30/96.90

Support:

• 92.00/91.50

Recommendations:

Buying: Possible with reduced volume within intraday trading.

Selling: This will become relevant after the appearance of reversal signals in the resistance zone area.

Note: In simplified wave analysis (SWA), all waves consist of three parts (A, B, and C). The analysis focuses on the last, unfinished wave in each time frame. Dotted lines represent expected movements.

Please note: The wave algorithm does not take into account the duration of instrument movements over time.