Bitcoin Elliott Wave technical analysis [Video]

BTC/USD Elliott Wave technical analysis

• Function: Counter-Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave b.

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

• Invalidation Level:

Details:

Bitcoin (BTC/USD) is currently forming an Elliott Wave correction pattern. The price has recently completed Wave A and may now enter Wave B, a short-term recovery before moving into Wave C.

BTC/USD trading strategy

Bitcoin (BTCUSD) is progressing through an Elliott Wave correction structure following a decline to the $76,700 support level. It is now forming a wave b bounce, potentially reaching a critical resistance zone before a continuation towards wave c. The present structure follows a wave (a)-(b)-(c) correction.

• The price reached a low of $76,703, marking the end of wave (a) and signaling the beginning of an uptrend in wave b.

• A major resistance level is positioned at $90,792, which may act as a potential reversal area before BTC enters a downtrend wave c.

Trading strategies

For short-term traders (swing trade)

• The price may rebound toward the $90,000 – $91,000 resistance zone before experiencing another downward movement.

• Short-term traders can look for a speculative opportunity in wave b.

Risk management:

• If BTCUSD approaches the $90,800 resistance level, traders should watch for reversal signals, which could indicate the beginning of a strong wave c decline.

BTC/USD Elliott Wave technical analysis

• Function: Counter-Trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave b
• Next Higher Degree Direction: Wave ((II))
• Invalidation Level:

Details:

Bitcoin (BTC/USD) continues to follow an Elliott Wave correction structure. It has recently completed Wave A and may now enter Wave B, a short-term rebound before transitioning into Wave C.

BTC/USD trading strategy

BTCUSD remains within a corrective Elliott Wave structure, having dropped to the $76,700 support level. Currently, wave b is forming, potentially moving towards a major resistance area before reversing downward into wave c. The structure follows the pattern of wave (a)-(b)-(c) correction.

• The price reached a low of $76,703, confirming the end of wave (a) and the beginning of an uptrend in wave b.

• A key resistance level at $90,792 might serve as a reversal area before the market shifts into a bearish wave c.

Trading strategies

For short-term traders (swing trade)

• BTCUSD is likely to bounce toward the $90,000 – $91,000 resistance zone before declining again.
• Short-term traders may look for potential trades within wave b.

Risk management:

• If BTCUSD nears the $90,800 resistance, traders should monitor for reversal signs, which could indicate a strong wave c movement.