Elliott Wave Analysis: AMD Stock Can Be Supportive For Bitcoin

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Today we will talk about Advanced Micro Devices (AMD), its price action from a technical point of view, and wave structure from Elliott's wave perspective. We will also compare it to Bitcoin, as both assets belong to the technology sector.

Advanced Micro Devices is an American multinational semiconductor company that develops computer processors, graphic cards, and related technologies for business and consumer markets. We know graphic cards are used for cryptocurrency mining and this is the reason why there's a positive correlation between AMD and Bitcoin.

amdVSbtc

If we take a look at the weekly chart, we can clearly see a bullish trend. From Elliott's wave perspective, we still see it unfolding five waves up. The current decline from the highs looks slow, choppy, and overlapped. It actually indicates wave IV correction. So, we believe that AMD is now approaching important and strong support at the former wave (IV), EW channel support line, and 200-Week moving average.

Well, if we are on the right path, then AMD could start bouncing and recovering within wave V soon. And, if we respect a positive correlation, then Bitcoin could easily follow.

For a detailed view, check also video analysis below:

Video Length: 00:02:51


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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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