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Sunday, 10 December 16:17 (GMT -05:00)

Foreign exchange market

Bitcoin Exchange Rate Retraces Before Another Rally, Expert Says

These days, new financial assets are being added to the list of forex assets. Those are highly volatile assets like cryptocurrencies, for example. Cryptocurrencies have been getting increasingly popular with international forex traders. This holds especially true for Bitcoin, which is the world’s first and most popular digital currency.





Bitcoin was launched in late 2008 – early 2009. Since then, this cryptocurrency has come a really long way from $0,03 per 10 000 BTC all the way up to almost $5000 per 1 BTC. To be more specific, the current all-time high is $4960 per 1 BTC. If we take a closer look at the Bitcoin price chart, we will be able to see a picture typical of financial pyramids. This is probably the reason why big-scale investors preferred to stay away from the cryptocurrency market up until recently. As more and more investors got interested in the currency, this naturally pushed the BTC exchange rate higher and higher, Igor Zotov explained. For those of you who don’t know, Igor is one of the most prominent traders from Masterforex-V Academy and the author of the legendary technical indicator called АО_Zotik.


At this point, some brokers and dealing centers allow their traders to trade cryptocurrencies or even choose one of them as the base currency for their trading accounts. With some of them, you can even trade digital currencies via MetaTrader 4, the most popular forex trading software to date.


Let’s take a closer look at this new type of assets through the lens of the trading strategy based on АО_zotik and WPR_vsmark. This is a kind of a modified version of the Masterforex-V trading strategy. The question is, what to expect in the market of Bitcoin within the next 2-3 weeks?


To start with, let’s take a look at the D1 chart. This is the time frame that helps us spot bigger (monthly) price cycles according to the “early prediction system”, courtesy of Masterforex-V Academy. When looking at the D1 chart, we can clearly see a retracement against the previous strong rally. Inside of this bearish correction, we can clearly see wave A (a wave down) inside of another “ABC” wave pattern along the downward move. For now, this “ABC” pattern is still a retracement pattern (the situation may change further down the road). As you probably know, if this is a retracement (correction), it’s always followed by a new move along the existing trend. We can treat this move in a different way – as a 5-wave pattern – which still doesn’t contradict the previous statement since wave 4 is also a retracement of a smaller scale.


As a result, we get either a correction inside of another correction or wave B (correction) – all of that is for the upward move. Depending on how exactly the mentioned B wave develops, we will be able to project the rest of the ABC pattern, with possible deviation. In order to go into detail while examining wave B, we have to go down to the H4 time frame, which can be seen as the time frame revealing the weekly picture.


Inside of this upward wave B on the H4 chart, we can see another bearish retracement (correction) developing. This can be treated as either wave B(C) or wave 4 depending on which approach to counting waves you prefer. Why? Well, that’s a good question since most conventional experts say that no correction can be a 5-wave structure, but this is a non-conventional approach to analyzing waves.
Anyway, what to expect for the rest of October? As for Bitcoin, if to analyze it the Masterforex-V way, we need to wait for the retracement to end and look for an entry to capture a new rally, probably wave C of wave level H4. Basically, we go bullish, we trade upward rebounds. Still, we need to keep in mind that all of the potential rally may actually be a just a part of a bigger-scale upward correction (wave B of level D1) against an even bigger downtrend. That’s why we need to minimize our profit goals.




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