Bitcoin Elliott Wave technical analysis [Video]

BTC/USD – Elliott Wave technical analysis

Function: Counter trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave C.

Direction next higher degrees: Wave (b).

Wave cancel invalid level: -

BTC/USD trading strategy

Following a strong bounce in a corrective a-b-c wave structure, BTCUSD has tested the 0.618 Fibonacci resistance and is now starting to show weakness. The Elliott Wave structure suggests that wave (b) is close to completing and could soon move downward into wave (c).

Trading strategies

Strategy

• For swing traders (short-term): If the price drops below 90,817, it is likely that BTCUSD will start wave (c) aiming for a deeper target near 74,322 or even lower.

Risk management

• If the price moves above 96,143 and surpasses 109,427, the current downtrend structure will be invalidated, requiring an immediate reassessment.

BTC/USD – Elliott Wave technical analysis

Function: Counter trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave C.

Direction next higher degrees: Wave (b).

Wave cancel invalid level: -

BTC/USD trading strategy

After a strong recovery within an a-b-c corrective structure, BTCUSD faced the 0.618 Fibonacci resistance and now shows signs of weakness. The Elliott Wave pattern indicates wave (b) is almost finished, raising the potential for a move downward into wave (c).

Trading strategies

Strategy

• For swing traders (short-term): A break below 90,817 would likely initiate wave (c) towards a target around 74,322 or even lower.

Risk management

• A rise above 96,143 followed by a breakout over 109,427 will cancel the current downtrend setup, calling for a new analysis.

BTC/USD – Elliott Wave technical analysis [Video]