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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: Flat
• Position: Wave (C)
• Next Higher Degree Direction: Wave ((4))
• Invalidation Level:

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

BTC/USD is approaching the final phase of its Wave C correction, with key support positioned at $86,439.58. If the price rebounds and surpasses $97,198.26, it could indicate a bullish reversal. Conversely, a breakdown below $86,439.58 could signal a continuation of the downward trend.

Trading Strategies:

• Strategy:

  • Long Strategy:
    • Wait for a Buy Dip:
      • • If BTC holds above the $86,439.58 support level and shows a reversal signal, it may present a buying opportunity.
      • • The initial target is $97,198.26; if surpassed, BTC may advance towards higher resistance levels.

• Risk Management:

  • If BTC/USD breaks below $86,439.58, it could extend losses toward deeper support levels in the $83,000 - $81,000 range.

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))
• Invalidation Level:

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

BTC/USD is nearing the completion of its Wave C correction, with strong support at $86,439.58. If the price bounces and clears $97,198.26, a bullish reversal may follow. However, if BTC falls below $86,439.58, it could indicate further downside movement.

Trading Strategies:

• Strategy:

  • Long Strategy:
    • Wait for a Buy Dip:
      • • If BTC stays above the $86,439.58 support level and provides a reversal signal, it may be a good entry point.
      • • The first target is $97,198.26; a breakout beyond this level could push BTC toward higher resistance zones.

• Risk Management:

  • If BTC/USD declines below $86,439.58, it may continue falling to deeper support areas between $83,000 - $81,000.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Source: Tradinglounge.com

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