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.
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
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