In this technical blog, we will look at the past performance of the Daily Elliott Wave Charts of Bitcoin ticker symbol: $BTCUSD. We presented to members at the elliottwave-forecast. In which, the rally from the 21 November 2022 low is unfolding as an impulse structure. Showing a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the crypto & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Bitcoin Daily Elliott Wave Chart From 6.30.2024

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Here’s the Daily Elliott wave chart from the 6.30.2024 weekend update. In which, the cycle from the 9.11.2023 low ended in wave ((3)) at $73794 high. Down from there, the BTCUSD made a pullback in wave ((4)) to correct that cycle. The internals of that pullback unfolded as Elliott wave flat structure where wave (A) ended at $56500 low. Wave (B) bounce ended at $71958 high and wave (C) managed to reach the blue box area at $54362- $43498. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

BTCUSD Latest Daily Elliott Wave Chart From 7.21.2024

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This is the latest Daily Elliott wave Chart from the 7.21.2024 update. In which the Bitcoin is showing a reaction higher taking place, right after ending the flat correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $73794 high is still needed to confirm the next extension higher towards $78616- $86338 & avoid a double correction lower.

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