29Jan

Bitcoin Elliott Wave Analysis: BTC/USD Price Forecast, Support & Resistance Levels, and Key Market Trends for Traders

BTCUSD Elliott Wave Analysis - TradingLounge Daily Chart

BTC/USD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((5))

Next Higher Degree Direction: Wave III

Wave Cancellation Level: 89,396 USD

BTC/USD Trading Strategy

Bitcoin continues to maintain its uptrend, with a significant price target of $123,402. If BTC/USD successfully breaks through the key resistance level at $108,429, traders should monitor wave structures and key levels to optimize their trading strategies accordingly.

Trading Strategies

Breakout Confirmation:

  • Wait for a strong breakout above $108,429 to confirm trend continuation.

Profit Target:

  • The next potential profit-taking level is at $123,402.

Risk Management:

  • Set a Stop Loss below $89,396 to minimize risk in case the Elliott Wave structure fails.

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BTCUSD Elliott Wave Analysis - TradingLounge H4 Chart

BTC/USD Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Next Higher Degree Direction: Uptrend in Wave (3) of Wave III

Wave Cancellation Level: 89,396 USD

BTC/USD Trading Strategy

BTC/USD remains in a strong uptrend, with the potential to reach new highs in the medium term if it successfully breaks major resistance levels. Traders should focus on key support and resistance levels to fine-tune their trading strategies.

Trading Strategies

Buy Strategy (Long Position):

  • Wait for confirmation of a price reversal from support near $97,738.
  • Short-term profit target: $108,429.
  • Next major target: $123,000.

Risk Management:

  • Set a Stop Loss below $89,396 to protect against potential wave structure invalidation.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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