Bitcoin (BTC/USD) forecasting the decline after Elliott Wave double three pattern

In this technical article we’re going to take a look at the Elliott Wave charts charts of BTCUSD published in members area of the website. Recently Bitcoin made recovery against the 69097.5 peak that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the lows and complete at the extreme zone. In further text we’re going to explain the Elliott Wave pattern and forecast

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

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.

BTC/USD 4h hour Elliott Wave analysis

Bitcoin is giving us ((X)) black recovery that is unfolding as Elliott Wave Double Three Pattern, with (X)(X)(Y) blue inner labeling. The price is correcting cycle from the all-time high: 69097.5 . If we take a close look , we can count clear 7 swings up from the 32969.3 low. All 3 waves have corrective subdivisions. Bitcoin has already reached extreme zone from the lows at 47159.9-55104.7. At that zone buyers should be ideally taking profits and sellers can appear again. Consequently , we expect to see reaction from the that area. From there we can get either decline toward new lows or larger 3 waves pull back at least.

BTC/USD 4h hour Elliott Wave analysis

Sellers appeared right at the marked extreme zone : 47159.9-55104.7 and we got good reaction. ((X)) connector completed at 48241.3 high.The decline from that peak has a form of 5 waves- 1 red which increases chances of further extension down once 3 waves bounce in 2 red completes. Wave 2 recovery can see approximately 43460.5-44544.2 area before Bitcoin turns lower again in next leg down. Key pivot for presented short term view comes at 48241.3 high. If that pivot gets broken, it will invalidate the count.

Share: Cryptos feed

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.