Elliott Wave Technical Analysis: Bitcoin Crypto Price - Friday, March 7

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

BTCUSD Elliott Wave Technical Analysis

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Flat
  • Position: Wave (C)
  • Next Higher Degree Direction: Wave ((4))
  • Wave Cancelation Level: N/A

Details:

Bitcoin (BTCUSD) has completed a corrective move from the peak of Wave III, signaling the possibility of a Wave IV reversal. This transition suggests an emerging Wave V, providing potential trading opportunities for those seeking new market targets.

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

BTCUSD: Turning Point! Is a New Uptrend Beginning?
BTC is preparing for Wave V, indicating a potential new uptrend. Wave IV has experienced a correction within a structured flat pattern (A)-(B)-(C). The lowest point of Wave IV is at 78,402.68 USD, marking a critical reversal zone. Currently, the price action is forming Waves (1) and (2) of Wave V, signaling the beginning of an upward trend. The Fibonacci target is set at 161.8% (126,549.66 USD).

Trading Strategies

Strategy:

  • Long Strategy:
    • Buy when the price reaches key support (Pullback Entry)
    • If BTC sustains above 90,897.00 USD and moves higher, traders may look for a buying opportunity to ride the Wave V trend.

Risk Management:

  • 78,402.68 USD – Wave Cancelation Level:
    • If BTCUSD drops below this level, the bullish structure could be invalidated.

BTCUSD-1d-crypto-cha...

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

BTCUSD Elliott Wave Technical Analysis

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Flat
  • Position: Wave (C)
  • Next Higher Degree Direction: Wave ((4))
  • Wave Cancelation Level: N/A

Details:

After Bitcoin (BTCUSD) completed a corrective move from the peak of Wave III, signs of a Wave IV reversal are evident. The possibility of entering Wave V creates a promising opportunity for traders seeking new market targets.

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

BTCUSD: Turning Point! Is a New Uptrend Beginning?
BTC is preparing to enter Wave V, indicating the start of a new uptrend. Wave IV has moved in a corrective channel, forming a flat structure (A)-(B)-(C). The lowest point of Wave IV stands at 78,402.68 USD, acting as a reversal zone. Currently, the price is shaping Waves (1) and (2) of Wave V, marking the initial phase of an uptrend. The Fibonacci target is set at 161.8% (126,549.66 USD).

Trading Strategies

Strategy:

  • Long Strategy:
    • Buy when the price reaches key support (Pullback Entry)
    • If BTCUSD maintains above 90,897.00 USD and moves higher, traders may seek a buying opportunity to ride the Wave V trend.

Risk Management:

  • 78,402.68 USD – Wave Cancelation Level:
    • If BTCUSD drops below this level, the bullish structure may become invalid.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

BTCUSD-4h-crypto-cha...


More By This Author:

Unlocking ASX Trading Success: Newmont Corporation - Thursday, March 6
Elliott Wave Technical Analysis: Lululemon Athletica Inc.
Elliott Wave Technical Analysis: Australian Dollar/U.S. Dollar - Thursday, March 6

At TradingLounge™, we provide actionable Elliott Wave analysis across over 200 markets. Access live chat rooms, advanced AI & algorithmic charting tools, and curated trade ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with