BTC/USD Elliott Wave technical analysis [Video]
|BTC/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave C.
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Next higher degree direction: Wave (b).
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Wave cancellation level: N/A.
Analysis summary:
Bitcoin is currently advancing toward the completion of wave ⑤, marking the conclusion of the larger wave V cycle.
Following a rebound from $74,322.85 in April, Bitcoin has shown a strong upward move aligned with a classic impulse wave structure. It is now nearing the final phase of wave ⑤, signaling the end of a primary wave V. Wave (4) appears to have completed an A-B-C corrective pattern, and the current movement suggests a final push upward in sub-wave (5). Key Fibonacci target:
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Target: $118,187.22 – Represents a 100% Fibonacci extension of wave 1.
Trading strategies
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Approach:
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Short-term strategy (Swing trading):
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Long traders should consider locking in profits incrementally as the price nears the $117k–$118k zone.
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Traders expecting a trend reversal may prepare for short positions in wave A once wave ⑤ ends, looking for Bearish Engulfing patterns or RSI divergence.
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Risk management:
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Status: Not Available
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BTC/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave C.
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Next higher degree direction: Wave (b).
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Wave cancellation level: N/A.
Analysis summary:
Bitcoin is progressing toward the end of wave ⑤, signaling the final phase of the broader wave V cycle.
Bitcoin rebounded from $74,322.85 in April and has since moved steadily upward in a typical impulse formation. It is now entering the last stretch of wave ⑤, completing the larger wave V. The previous wave (4) followed a simple A-B-C correction, and sub-wave (5) appears to be targeting a Fibonacci projection of:
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Target: $118,187.22 – A 100% extension of wave 1.
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Approach:
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Short-term strategy (Swing trading):
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Long traders are advised to secure profits in stages around the $117k–$118k range.
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Potential reversal traders should monitor for bearish signals like RSI divergence or candlestick patterns to short wave A after wave ⑤ completes.
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Risk management:
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Status: Not Available
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Analyst: Kittiampon Somboonsod, CEWA.
BTC/USD Elliott Wave technical analysis [Video]
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