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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: Zigzag
• Position: Wave (a)
• Next Higher Degree Direction: Wave ((II))
• Wave Cancelation Level: N/A

Analysis Details:

Bitcoin may enter a significant correction phase based on the Elliott Wave structure. The key support levels to monitor are $73,902 and $51,160.

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

BTCUSD has completed a 5-wave downward structure (Impulse Wave) and is currently testing a crucial support level at $73,902.30. The recent low of $76,703.20 suggests potential buying interest in the market.

At the same time, BTCUSD is likely to enter Wave (b), an upward correction wave, which could drive the price back up to test the key resistance level at $90,792.77. If this resistance is successfully breached, it may signal the start of a new bullish trend.

Trading Strategies

Strategy

• Long Strategy
  • Buy when the price reaches the key support level (Pullback Entry).
  • Entry Conditions: Wait for a price reversal signal at the support level.
  • Risk Management:
    • If the price exceeds $109,186.89, the bearish structure is invalidated.

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 (a)
• Next Higher Degree Direction: Wave ((II))
• Wave Cancelation Level: N/A

Analysis Details:

Bitcoin may undergo a major correction, as indicated by the Elliott Wave structure. The critical support levels remain $73,902 and $51,160.

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

BTCUSD has completed a 5-wave downward impulse structure and is currently testing a major support level at $73,902.30. The most recent low of $76,703.20 suggests that buying power may be returning to the market.

There is a strong possibility that BTCUSD will enter Wave (b), an upward correction wave, pushing the price towards the key resistance level at $90,792.77. A successful breakout above this resistance could indicate the beginning of a new bullish trend.

Trading Strategies

Strategy

• Long Strategy
  • Buy when the price drops to the key support level (Pullback Entry).
  • Entry Conditions: Enter once a reversal signal appears at the support level.
  • Risk Management:
    • If the price surpasses $109,186.89, the bearish structure is invalidated.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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