Hello fellow traders. In this technical article, we’re going to take a quick look at the Elliott Wave charts of Bitcoin BTCUSD. As our members know, BTCUSD is showing an impulsive bullish structure in the cycle 15431 low. We have been calling for a rally in the cryptocurrency after 3 waves pull back. Our team recommended members avoid selling Bitcoin, while keep favoring the long side. In the further text, we are going to explain the Elliott Wave Forecast.

Bitcoin (BTCUSD) Elliott Wave 1-Hour Chart 4.12.2023

Cycle from the 27236 low looks impulsive, however, as of right now, we see only 3 waves up. We assume wave iv red pullback is still in progress. Once correction completes, BTCUSD should ideally see another leg up to complete the proposed short-term cycle as 5 waves.  At the moment structure of the pullback looks incomplete. We are calling for another leg down toward 29817-29394 (buyers area). We don’t recommend selling it and prefer the long side. Crypto is expected to find buyers in 3,7,11 swings. We expect to see at least 3 waves bounce from that zone or further rally toward new highs, ideally.

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Bitcoin (BTCUSD) Elliott Wave 1  Hour  Chart 4.14.2023

BTCUSD made the decline toward marked equal legs area: 29817-29394.  Bitcoin found buyers, and we are getting a good reaction from there. It broke the previous peak already, confirming v red of (iii) blue is in progress toward the 30800-31145 area.

Keep in mind that the market is dynamic, and the presented view could have changed in the meantime.  You can check the most recent charts with target levels in the membership area of the site. The best instruments to trade are those having incomplete bullish or bearish swing sequences. We put them in Sequence Report, and best among them are shown in the Live Trading Room

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