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Bitcoin could fall to the $6800-8700 region – Elliott Wave Analysis

Elliott wave Analysis: BTC/USD and EUR/USD update

We can see some turn down on CryptoCurrenices following rumors about Japanese exchange halts withdrawal and trading. We have seen a nice leg down in the past few hours here on BTCUSD falling from above 11700 below 10400 now which makes even better look for a triangle count here in wave 4. As such, our view remains unchanged we are looking down for wave 5 towards 6800-8700.


Yesterday we saw some shift in trend after Trump comment who said “The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar,”. We have seen a nice 170 pip fall on EURUSD which looks like a start of a deeper correction in three waves. There is room for 1.2322 where new support can be seen, maybe next week.


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Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!