Bitcoin/dollar correction?

Bitcoin 

BTCUSD made a clear five-wave development up from February lows, which suggest a minimum three-wave trend reversal, from bearish to bullish. That said, we also know that after every five waves, a new temporary pullback can follow and in our case support for this pullback can come in around the 8300/8000 region. We are observing a possible EW flat pattern, which can now be ending. A later rally in minor five-waves from the lows would suggest a completed correction and more upside.


BTCUSD, 4-hour

 

CADJPY

The Canadian dollar/Japanese yen (CAD/JPY) currency pair can be trading in a new bearish reversal, after a top for blue wave C had been found at the 91.55 level. As such we see price unfolding a nice five-wave breakdown within first wave 1), that can be trading near completion. That said, once wave 1) fully unfolds, a new three-wave correction into wave 2) may come into play.


CAD/JPY, Daily

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/