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iShares Bitcoin Trust ETF (IBIT) – Elliott Wave Technical Analysis Daily Chart

Technical Analysis Overview

• Function: Major Trend (Minor Degree – Grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave [iv] of 5
• Direction: Rally

Analysis Details

• The bullish trend is currently on pause as wave [iv] continues to develop.
• Minimum Fibonacci levels have been reached, signaling that the major trend resumption is likely approaching.
• The lower boundary of the Kennedy Base Channel has been broken, which could serve as an early warning for potential alternative scenarios.
• Once the WXY structure completes, a long position at the break of the 38.2% Fibonacci level could be an optimal entry point for retail traders.
• New all-time highs are anticipated once the correction phase concludes.
• Invalidation Level: High of wave [i] (Minute Degree – Navy)

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave Technical Analysis

4-Hour Chart

Technical Analysis Overview

• Function: Minor Trend (Minute Degree – Navy)
• Mode: Corrective
• Structure: Double Zigzag
• Position: Wave c of (y) of [iv]
• Direction: Decline

Analysis Details

• A minor decline is expected before wave [iv] correction concludes.
• Shortly after, bullish momentum is likely to return, pushing prices above the $61.06 high.
• The 50% Fibonacci level is the next key target and could serve as the stopping point of the decline.
• Invalidation Level: High of wave [i]

Conclusion

The summary of the Elliott Wave analysis indicates:

• The wave decline is in its final phase, and completion is expected within the week.
• Once the correction phase ends, the market is likely to rally, surpassing the $61.06 high.
• Traders must adhere to Elliott Wave principles and track invalidation levels to minimize avoidable losses.

Technical Analyst: Siinom

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