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 b
• Next Higher Degree Direction: Wave ((II))
• Invalidation Level:

Details:

Bitcoin (BTC/USD) is currently forming an Elliott Wave correction pattern. The price has recently completed Wave A and may now enter Wave B, a short-term recovery before moving into Wave C.

Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy

Bitcoin (BTCUSD) is progressing through an Elliott Wave correction structure following a decline to the $76,700 support level. It is now forming a wave b bounce, potentially reaching a critical resistance zone before a continuation towards wave c. The present structure follows a wave (a)-(b)-(c) correction.

• The price reached a low of $76,703, marking the end of wave (a) and signaling the beginning of an uptrend in wave b.
• A major resistance level is positioned at $90,792, which may act as a potential reversal area before BTC enters a downtrend wave c.

Trading Strategies

For Short-Term Traders (Swing Trade)

• The price may rebound toward the $90,000 – $91,000 resistance zone before experiencing another downward movement.
• Short-term traders can look for a speculative opportunity in wave b.

Risk Management:

• If BTCUSD approaches the $90,800 resistance level, traders should watch for reversal signals, which could indicate the beginning of a strong wave c decline.

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 b
• Next Higher Degree Direction: Wave ((II))
• Invalidation Level:

Details:

Bitcoin (BTC/USD) continues to follow an Elliott Wave correction structure. It has recently completed Wave A and may now enter Wave B, a short-term rebound before transitioning into Wave C.

Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy

BTCUSD remains within a corrective Elliott Wave structure, having dropped to the $76,700 support level. Currently, wave b is forming, potentially moving towards a major resistance area before reversing downward into wave c. The structure follows the pattern of wave (a)-(b)-(c) correction.

• The price reached a low of $76,703, confirming the end of wave (a) and the beginning of an uptrend in wave b.
• A key resistance level at $90,792 might serve as a reversal area before the market shifts into a bearish wave c.

Trading Strategies

For Short-Term Traders (Swing Trade)

• BTCUSD is likely to bounce toward the $90,000 – $91,000 resistance zone before declining again.
• Short-term traders may look for potential trades within wave b.

Risk Management:

• If BTCUSD nears the $90,800 resistance, traders should monitor for reversal signs, which could indicate a strong wave c movement.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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