Bitcoin Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Elliott Wave Analysis TradingLounge Daily Chart.

Bitcoin/U.S. Dollar (BTCUSD).

BTC/USD Elliott Wave technical analysis

Function: Counter-Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (C).
Next higher degree direction: Wave ((4)).
Invalidation level:

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

BTC/USD is approaching the final phase of its Wave C correction, with key support positioned at $86,439.58. If the price rebounds and surpasses $97,198.26, it could indicate a bullish reversal. Conversely, a breakdown below $86,439.58 could signal a continuation of the downward trend.

Trading strategies:

Strategy:
- Long Strategy:
  - Wait for a Buy Dip:
    - • If BTC holds above the $86,439.58 support level and shows a reversal signal, it may present a buying opportunity.
    - • The initial target is $97,198.26; if surpassed, BTC may advance towards higher resistance levels.
Risk Management:
- If BTC/USD breaks below $86,439.58, it could extend losses toward deeper support levels in the $83,000 - $81,000 range.

Elliott Wave Analysis TradingLounge H4 Chart.

Bitcoin/U.S. Dollar (BTCUSD).

BTC/USD Elliott Wave technical analysis

Function: Counter-Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (C).
Next higher degree direction: Wave ((4)).
Invalidation level:

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

BTC/USD is nearing the completion of its Wave C correction, with strong support at $86,439.58. If the price bounces and clears $97,198.26, a bullish reversal may follow. However, if BTC falls below $86,439.58, it could indicate further downside movement.

Trading strategies:

Strategy:
- Long Strategy:
  - Wait for a Buy Dip:
    - • If BTC stays above the $86,439.58 support level and provides a reversal signal, it may be a good entry point.
    - • The first target is $97,198.26; a breakout beyond this level could push BTC toward higher resistance zones.
Risk Management:
- If BTC/USD declines below $86,439.58, it may continue falling to deeper support areas between $83,000 - $81,000.