News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • (USD Weekly Tech) US Dollar Dominant Uptrend Back In Focus: EUR/USD, USD/JPY, NZD/USD, USD/CHF
  • What is your forex trading style? Take the quiz and find out:
  • Join @IlyaSpivak at 22:00 EST/2:00 GMT for his cross-market weekly outlook webinar. Register here:
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • *Reminder: Weekly Strategy Webinar Monday morning at 8:30am ET - Mid-Week Market Update on Wednesday at 9:30am ET -
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here:
  • (AUD Weekly Tech) Australian Dollar May Wilt, Downtrends Resume: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
Bitcoin Elliott Wave Forecasts Dominant Bearish Trends

Bitcoin Elliott Wave Forecasts Dominant Bearish Trends

Jeremy Wagner, CEWA-M, Head of Education

The Bitcoin Elliott Wave forecast suggests that the bearish patterns are dominating so long as Bitcoin prices remain below $14,000.

Bitcoin Elliott Wave Analysis Talking Points:

  • Bitcoin prices have been contained inside a downward sloping price channel
  • Recovery from January 17 to January 20 takes the shape of a corrective zigzag pattern (purple box)
  • Pressure remains to the downside so long as prices remain below the upper channel line

Bitcoin prices are falling within a downward price channel. It is possible this downward wave since December 17 is a bearish zigzag and the first wave of a larger correction or perhaps the beginning of a larger bearish impulse. As I contemplate the potential for bullish patterns, the models return results that are temporary and short lived. As a result, this cryptocurrency is operating in a sell the rally environment until we see a bullish motive wave develop.

Bitcoin Price Charts Offer Corrective Rallies

The Bitcoin price rally that began on January 17 appears to be a three-wave rally. According to the Elliott Wave principle, three wave moves are corrective and tend to be completely retraced. Therefore, the January 17 – 20 rally raises the probability that Bitcoin prices may continue to be pressured to the downside.

Though the January 17-20 trend appears to be a corrective rally, Bitcoin prices can continue to increase to extend the correction in price and time.

Bitcoin Elliott Wave forecasts bearish trends.

Bitcoin Key Level is 14,000

The Elliott Wave models we are following show patterns that are indifferent in the near term. However, so long as Bitcoin prices remain below the upper channel resistance trend line, then we can consider the trend lower.

If Bitcoin prices are successful in breaking above the 14,000 level, then that will eliminate some of the most bearish scenarios and we will re-evaluate the potential for extended bullish moves. Absent any bullish motive waves, the trend for Bitcoin prices remain towards lower levels.

Bitcoin Elliott Wave FAQs

What is Elliott Wave Theory?

Elliott Wave Theory is a trading study that identifies the highs and lows of price movements on charts via wave patterns. Traders often analyze the 5-wave impulse sequence and 3-wave corrective sequence to help them trade strategically. We cover these wave sequences in our beginners and advanced Elliott Wave trading guides.

Does the Elliott Wave principle work on cryptocurrencies?

We think it does. Elliott Wave is a study of the waves, which are reflective of the mass psychology of the market. Right now, we think the mass psychology on Bitcoin and other altcoins diminishing. Any large market with a mass of humans behind it can be analyzed using Elliott Wave Theory. If you are new to Bitcoin, we have an introductory guide to help you get started.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Communicate with Jeremy and have your shout below by posting in the comments area. Feel free to include your Elliott Wave count as well.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

Recent Elliott Wave articles by Jeremy:

Gold Prices Hit 17 Month High; What Does the Wave Analysis Forecast?

USD/JPY Elliott Wave Analysis Points Towards 107

2018 Forecast for EUR/AUD, GBP/AUD and AUD/JPY

AUD/USD 2018 Forecast Includes a Smooth Start and Rough Finish

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.