In this technical article we’re going to take a look at the Elliott Wave charts charts of Bitcoin BTCUSD published in members area of the website.  Our members know BTCUSD is showing impulsive bullish sequences in the cycle from the 50186 low. Recently, it made a clear three-wave correction. The pull back completed as Elliott Wave Double Three pattern and made rally toward new highs as expected. In this discussion, we’ll break down the Elliott Wave pattern and forecast.

Elliott Wave double three pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.

The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

Chart

BTC/USD Elliott Wave one-hour chart 12.03.2024

BTCUSD is giving us pull back against the 90818 low.  The structure of this pullback is still incomplete at the moment, showing 5 swings down from the peak.  The first leg, shows a clear 3-wave structure a,b,c red, followed by a 3-wave bounce in (x) blue. Wave (y) blue should also form a 3 waves pattern. We miss another swing down to complete clear 7 swings pattern in ((ii)) pull back. We advise against selling $BTCUSD and instead favor the long side. While the price stays above 4 red low: 90818, we expect to see further rally toward new highs.

Chart

BTC/USD Elliott Wave one-hour chart 12.03.2024

Bitcoin found buyers as expected. The crypto completed Double Three pattern and reacted strongly. Eventually we got a break toward new highs. Now, intraday pull backs should ideally keep finding buyers as far as 90759 pivot holds.

Chart


FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended content


Recommended Content

Editors’ Picks

Lido Price Forecast: LDO eyes further gains as BitGo enables native ETH staking via Lido

Lido Price Forecast: LDO eyes further gains as BitGo enables native ETH staking via Lido

Lido DAO (LDO) edges higher by over 5% at press time on Friday, extending its five consecutive days in the green. LDO gains momentum following BitGo's announcement on Thursday of native Ethereum (ETH) staking via Lido for its institutional clients.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC nears all-time high, ETH eyes $4,000, XRP sets new record

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC nears all-time high, ETH eyes $4,000, XRP sets new record

Bitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.

Top Crypto Gainers: Hedera, Flare, Ripple – HBAR, FLR, XRP make waves with double-digit gains

Top Crypto Gainers: Hedera, Flare, Ripple – HBAR, FLR, XRP make waves with double-digit gains

Hedera (HBAR), Flare (FLR), and Ripple (XRP) continue to extend their double-digit gains from Thursday, outperforming the broader market over the last 24 hours. The surge in altcoins aligns with Bitcoin (BTC) reclaiming the $120,000 level and an improvement in broader market sentiment.

Trump to introduce crypto to $9 trillion retirement market: Financial Times

Trump to introduce crypto to $9 trillion retirement market: Financial Times

US President Donald Trump is preparing to sign an executive order allowing 401(k) accounts to invest in cryptocurrencies as part of their retirement plans, the Financial Times reported on Thursday.

Bitcoin: BTC sets sight on fresh all-time highs after US passes key crypto bills

Bitcoin: BTC sets sight on fresh all-time highs after US passes key crypto bills

Bitcoin (BTC) posted a strong performance this week, hitting a new all-time high of $123,218 to start the week before consolidating around $118,000 as of Friday.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP