Bitcoin Elliott Wave technical analysis [Video]
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BTC/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave C.
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Next higher degree direction: Wave ((II)).
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Wave cancel invalid level: (not specified).
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy:
Although Bitcoin has shown a recovery over the past week, and some believe the upward trend may resume, Elliott Wave analysis still identifies the movement as corrective, within an a–b–c structure. We are approaching a downward move in wave c, which may result in a more significant drop than currently anticipated.
Wave (V) has concluded → The market is entering an A-B-C corrective pattern.
Wave b is developing into a Double Zigzag pattern (W)-(X)-(Y). The price is nearing the end of wave b and is about to start wave c.
Trading strategies
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Strategy
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For Short-Term Traders (Swing Trade):
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Monitor for reversal signals around the $88K–91K zone.
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On spotting a reversal or divergence → Initiate a short position.
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Target Range: $68,000 → $62,000
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Risk management:
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If Bitcoin breaks above $112K clearly → This would invalidate the corrective structure and suggest a bullish scenario.
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BTC/USD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Zigzag.
-
Position: Wave C.
-
Next higher degree direction: Wave ((II)).
-
Wave cancel invalid level: (not specified).
Bitcoin/US Dollar (BTC/USD) trading strategy:
Despite recent upward price action in Bitcoin, Elliott Wave indicators suggest that the market remains in a corrective a–b–c structure. We are moving towards wave c, which could push the price downward beyond common expectations.
Wave (V) is complete → We are in an A-B-C corrective phase.
Wave b is shaping into a Double Zigzag (W)-(X)-(Y), with the price nearing the end of wave b and preparing for wave c.
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Strategy
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For short-term traders (Swing Trade):
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Look for reversal signs within the $88K–91K range.
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Once a reversal or divergence is confirmed → Consider shorting.
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Target Zone: $68,000 → $62,000
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Risk management:
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A definitive break above $112K would negate the corrective setup and indicate a bullish reversal.
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TradingLounge Analyst: Kittiampon Somboonsod, CEWA.
BTC/USD Elliott Wave technical analysis [Video]
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