BTC/USD Elliott Wave technical analysis

  • Function: Counter-Trend.

  • Mode: Corrective.

  • Structure: Zigzag.

  • Position: Wave b.

  • Next higher degree direction: Wave ((II)).

  • Invalidation Level:

Details:

Bitcoin (BTC/USD) is currently forming an Elliott Wave correction pattern. The price has recently completed Wave A and may now enter Wave B, a short-term recovery before moving into Wave C.

BTC/USD trading strategy

Bitcoin (BTCUSD) is progressing through an Elliott Wave correction structure following a decline to the $76,700 support level. It is now forming a wave b bounce, potentially reaching a critical resistance zone before a continuation towards wave c. The present structure follows a wave (a)-(b)-(c) correction.

  • The price reached a low of $76,703, marking the end of wave (a) and signaling the beginning of an uptrend in wave b.

  • major resistance level is positioned at $90,792, which may act as a potential reversal area before BTC enters a downtrend wave c.

Trading strategies

For short-term traders (swing trade)

  • The price may rebound toward the $90,000 – $91,000 resistance zone before experiencing another downward movement.

  • Short-term traders can look for a speculative opportunity in wave b.

Risk management:

  • If BTCUSD approaches the $90,800 resistance level, traders should watch for reversal signals, which could indicate the beginning of a strong wave c decline.

BTC/USD Elliott Wave technical analysis

  • Function: Counter-Trend
  • Mode: Corrective
  • Structure: Zigzag
  • Position: Wave b
  • Next Higher Degree Direction: Wave ((II))
  • Invalidation Level:

Details:

Bitcoin (BTC/USD) continues to follow an Elliott Wave correction structure. It has recently completed Wave A and may now enter Wave B, a short-term rebound before transitioning into Wave C.

BTC/USD trading strategy

BTCUSD remains within a corrective Elliott Wave structure, having dropped to the $76,700 support level. Currently, wave b is forming, potentially moving towards a major resistance area before reversing downward into wave c. The structure follows the pattern of wave (a)-(b)-(c) correction.

  • The price reached a low of $76,703, confirming the end of wave (a) and the beginning of an uptrend in wave b.

  • key resistance level at $90,792 might serve as a reversal area before the market shifts into a bearish wave c.

Trading strategies

For short-term traders (swing trade)

  • BTCUSD is likely to bounce toward the $90,000 – $91,000 resistance zone before declining again.
  • Short-term traders may look for potential trades within wave b.

Risk management:

  • If BTCUSD nears the $90,800 resistance, traders should monitor for reversal signs, which could indicate a strong wave c movement.

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

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