Blocksmith Says: XBTJPY Hints at Upside Reversal for Bitcoin

5 July 2022

I was interested in Bitcoin vs. Japanese yen because the wave count down from the end of March top is the clearest of all of the Bitcoin crosses. Since they all tend to move together, XBTJPY could be the canary in the coal mine for an upside reversal. 

There is a clear 5 count with three swift pro-trend down waves 1, 3 and 5 and two non-overlapping countertrend waves 2 and 4. When we can count out five distinct waves and especially in a nice channel, we should start looking for the end of the move..  XBTJPY needs to confirm but let’s keep a sharp eye on it now.

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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