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BTCUSD Is Retracing For A Correction; Possible Support At 3500-3400 Area - Elliott Wave Analysis


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Good morning traders!


Bitcoin and friends faced a sharp decline, but we wouldn't fall in love with those bears just yet. BTC has still a corrective structure, it just went into a deeper and longer a-b-c correction. We can see the final wave c in progress, which should be made by five waves, so be aware of more short-term weakness towards 3500-3400 support area, where correction may come to an end and from where we may see a sharp and impulsive bounce back to the highs.

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BTCUSD, 1h

btcusd, intra



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About the author


Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple 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.

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Gregor Horvat
Chief  Technical Strategist
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