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.
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
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