Bitcoin: Another Buying Setup

As our readers know Bitcoin BTCUSD has been giving us a lot of good trading setups recently. In this blog, we’re going to take a look at the latest Elliott Wave setup of Bitcoin. Cryptocurrency BTCUSD  is showing impulsive- bullish sequences. We’ve been calling for a rally and recommending members to keep buying the dips in 3,7,11 swings whenever a chance occurs. 

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BTCUSD 1 Hour Elliott Wave Analysis 2.10.2021

BTCUSD is bullish against the 43102.28 low in the first degree. Cryptocurrency is giving us pull back wave ((2)) which still looks incomplete at the moment. The price is missing another leg down toward the blue box area: 51406.1-46024.8 ( buyers zone). From the Blue Box area, we expect the rally to take us toward new all-time highs ideally. We don’t recommend selling it. The strategy is buying the dips at the proposed blue box area. The main trend is bullish so we expect to see 3 waves bounce at least from the blue box. As soon as the price hits 50Fibs against the (B) blue high we will make a long position risk-free.

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BTCUSD 1 Hour Elliott Wave Analysis 4.11.2021

Eventually, Bitcoin made a leg down toward the blue box area. The cryptocurrency found buyers as expected and giving us nice reactions from the blue box. ((2)) black pullback completed at 50414.9 low.

The price is showing now higher high sequences from the mentioned level.  We would like to see the further rally and break above ((1)) black peak to confirm next let-up is in progress. We don’t recommend selling BTCUSD in any proposed pullback and favor the long side from the blue box. Investors who took long trades are now enjoying profits in risk-free positions. We’re always trading in the direction of the main trend. Idea is to enter the extreme areas which we mark on the charts as blue boxes.

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Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

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