iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis [Video]

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis

Technical analysis overview

• Function: Major Trend (Minor Degree – Grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [iv] of 5.

• Direction: Rally.

Analysis details

• The bullish trend is currently on pause as wave [iv] continues to develop.

• Minimum Fibonacci levels have been reached, signaling that the major trend resumption is likely approaching.

• The lower boundary of the Kennedy Base Channel has been broken, which could serve as an early warning for potential alternative scenarios.

• Once the WXY structure completes, a long position at the break of the 38.2% Fibonacci level could be an optimal entry point for retail traders.

• New all-time highs are anticipated once the correction phase concludes.

• Invalidation Level: High of wave [i] (Minute Degree – Navy)

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis

Technical analysis overview

• Function: Minor Trend (Minute Degree – Navy).

• Mode: Corrective.

• Structure: Double Zigzag.

• Position: Wave c of (y) of [iv].

• Direction: Decline.

Analysis details

• A minor decline is expected before wave [iv] correction concludes.

• Shortly after, bullish momentum is likely to return, pushing prices above the $61.06 high.

• The 50% Fibonacci level is the next key target and could serve as the stopping point of the decline.

• Invalidation Level: High of wave [i]

Conclusion

The summary of the Elliott Wave analysis indicates:

• The wave decline is in its final phase, and completion is expected within the week.

• Once the correction phase ends, the market is likely to rally, surpassing the $61.06 high.

• Traders must adhere to Elliott Wave principles and track invalidation levels to minimize avoidable losses.

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis [Video]