Bitcoin Elliott Wave technical analysis [Video]
|BTC/USD Elliott Wave technical analysis – Daily chart
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave C.
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Direction (next higher degrees): Wave V of Impulse.
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Invalidation Level:
BTC/USD trading strategy
Bitcoin recently reached a record high of $120,000. According to the Elliott Wave count, the price is now in a wave 2 correction. This corrective move is anticipated to test the Fibonacci retracement zone between 0.5 and 0.618 before resuming its upward trend in wave 3.
Trading strategies
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Strategy
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For Short-Term Traders (Swing Trade):
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Monitor the 91,000 – 87,000 range for price testing and a potential reversal signal.
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Risk Management
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If the price moves below $87,000 without showing a reversal pattern, a reassessment of the wave structure is recommended.
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BTCUSD Elliott Wave technical analysis – Four-hour chart
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Function: Counter Trend
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Mode: Corrective
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Structure: Zigzag
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Position: Wave C
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Direction (Next Higher Degrees): Wave V of Impulse
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Invalidation Level:
BTC/USD trading strategy
Following its peak at $120,000, Bitcoin appears to be in a corrective wave 2 phase. The current analysis projects a move into the Fibonacci 0.5 to 0.618 range, where the price could potentially initiate wave 3 upwards.
Trading strategies
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Strategy
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For short-term traders (swing trade):
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Look for the price to retest the 91,000 – 87,000 area and wait for a reversal signal to confirm entry.
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Risk management
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Should the price fall below $87,000 with no reversal, the analysis should be revisited.
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Bitcoin Elliott Wave technical analysis [Video]
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