BTC/USD Elliott Wave technical analysis [Video]

BTC/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave C.

• Next higher degree direction: Wave (b).

• 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:

• Target: $118,187.22 – Represents a 100% Fibonacci extension of wave 1.

Trading strategies

• Approach:

  • Short-term strategy (Swing trading):

    • Long traders should consider locking in profits incrementally as the price nears the $117k–$118k zone.

    • 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.

• Risk management:

  • Status: Not Available

BTC/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave C.

• Next higher degree direction: Wave (b).

• 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:

• Target: $118,187.22 – A 100% extension of wave 1.

Trading strategies

• Approach:

  • Short-term strategy (Swing trading):

    • Long traders are advised to secure profits in stages around the $117k–$118k range.

    • Potential reversal traders should monitor for bearish signals like RSI divergence or candlestick patterns to short wave A after wave ⑤ completes.

• Risk management:

  • Status: Not Available

Analyst: Kittiampon Somboonsod, CEWA.

BTC/USD Elliott Wave technical analysis [Video]