Bitcoin Elliott Wave technical analysis [Video]

BTC/USD Elliott Wave technical overview

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave b.

• Next higher degree direction: Wave ((II)).

• Wave cancellation level: Not specified.

Details:

Bitcoin (BTC/USD) is in a corrective Elliott Wave pattern. Wave A recently concluded, and price action appears to be entering Wave B — a short-term bounce — before continuing into Wave C.

Bitcoin/US Dollar (BTC/USD) trading strategy

BTCUSD is showing a modest recovery after completing a strong wave (a). The Elliott Wave framework indicates the market is now entering wave (b), which typically precedes another drop. Traders should monitor the key resistance at $90,792 — a potential inflection point. The downtrend wave structure concluded with wave ((5)) near $76,703. Currently, price action suggests that sub-wave a of (b) is complete and wave b of (b) is underway.

• Key resistance: $90,792.

• If BTCUSD cannot surpass this level, expect a strong downward move in wave c of (b), potentially followed by wave (c).

Trading strategies

• Strategy

  • For short-term traders (Swingtrade).

    • If price tests the $90,792 resistance and faces selling pressure, it may be a good opportunity to enter short positions in alignment with wave (c) direction.

• Risk management:

  • If BTCUSD breaks above $111,954, the current downtrend scenario becomes invalid and requires reassessment.

BTC/USD Elliott Wave technical overview

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave b.

• Next higher degree direction: Wave ((II)).

• Wave cancellation level: Not specified.

Details:

BTC/USD continues within a corrective Elliott Wave structure. After completing Wave A, the asset seems to be starting Wave B — a temporary rebound — ahead of a potential move into Wave C.

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

The market is recovering slightly from wave (a), and the Elliott Wave model suggests wave (b) is now unfolding. Watch the $90,792 resistance level closely, as it may dictate the next move. Wave ((5)) of the downtrend ended near $76,703. BTC is likely in wave b of (b), following the completion of sub-wave a.

• Key resistance: $90,792.

• Failure to break this level could trigger a drop in wave c of (b), followed by wave (c).

Trading strategies

• Strategy

  • For short-term traders (Swing trade).

    • A test of $90,792 followed by bearish signals may present a shorting opportunity in line with wave (c) expectations.

• Risk management:

  • A breakout above $111,954 invalidates the bearish wave structure and needs a new analysis.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

BTC/USD Elliott Wave technical overview [Video]