Elliott Wave Analysis – TradingLounge Daily Chart,
Bitcoin/ U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave C
• Direction (Next Higher Degrees): Wave V of Impulse
• Invalidation Level:

Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
Bitcoin recently reached a record high of $120,000. According to the Elliott Wave count, the price is now in a wave 2 correction. This corrective move is anticipated to test the Fibonacci retracement zone between 0.5 and 0.618 before resuming its upward trend in wave 3.

Trading Strategies

• Strategy
• • For Short-Term Traders (Swing Trade):
  • • Monitor the 91,000 – 87,000 range for price testing and a potential reversal signal.
• Risk Management
• • If the price moves below $87,000 without showing a reversal pattern, a reassessment of the wave structure is recommended.

Elliott Wave Analysis – TradingLounge H4 Chart,
Bitcoin/ U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave C
• Direction (Next Higher Degrees): Wave V of Impulse
• Invalidation Level:

Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
Following its peak at $120,000, Bitcoin appears to be in a corrective wave 2 phase. The current analysis projects a move into the Fibonacci 0.5 to 0.618 range, where the price could potentially initiate wave 3 upwards.

Trading Strategies

• Strategy
• • For Short-Term Traders (Swing Trade):
  • • Look for the price to retest the 91,000 – 87,000 area and wait for a reversal signal to confirm entry.
• Risk Management
• • Should the price fall below $87,000 with no reversal, the analysis should be revisited.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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