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Elliott Wave Analysis TradingLounge Daily Chart

Bitcoin/ U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Triangle
• Position: Wave (D)
• Next Higher Degree Direction: Wave ((4))
• Invalidation Level: -
• Details: Bitcoin's price is in the final stages of a Triangle Correction (A-B-C-D-E), which is a 4-wave correction phase.

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

The market is currently in the late stage of a Triangle Correction (A-B-C-D-E) within Wave 4. BTCUSD is expected to be forming Wave D, moving upwards to test the key resistance level at 105,234 USD (Fib 0.786). Following this, a potential correction to Wave E may occur before entering a major uptrend in Wave 5, extending into Wave III.

Trading Strategies

• Strategy:

  • Long Strategy:
    • Consider buying at 96,500 USD if a reversal signal appears.

• Risk Management:

  • Invalidation Point: Cut losses if the price drops below 91,347 USD.

Elliott Wave Analysis TradingLounge H4 Chart

Bitcoin/ U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Triangle
• Position: Wave (D)
• Next Higher Degree Direction: Wave ((4))
• Invalidation Level: -
• Details: Bitcoin's price is currently in the final stages of a Triangle Correction (A-B-C-D-E), forming part of a 4-wave corrective structure.

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

The price remains in the late stage of the Triangle Correction (A-B-C-D-E) within Wave 4. BTCUSD is projected to be in Wave D, rising to test the major resistance at 105,234 USD (Fib 0.786). A retracement to Wave E could occur before the market resumes an uptrend into Wave 5, progressing into Wave III.

Trading Strategies

• Strategy:

  • Long Strategy:
    • Consider buying at 96,500 USD if a reversal signal is confirmed.

• Risk Management:

  • Invalidation Point: Exit positions if the price falls below 91,347 USD.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Source: Tradinglounge.com

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