Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis - Daily Chart
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave ((B))
Next Higher Degree Wave: Wave IV
Wave Cancel Invalid Level:
Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
BTC/USD is currently in a Corrective Wave IV formation, progressing through wave B of IV. This wave may push higher before entering a downward phase. The anticipated Flat Correction pattern suggests that wave C could move downward, testing the key support level at 87,735 USD.
Trading Strategies
Buy Strategy (Long Position):
- Identify opportunities within short-term uptrends.
- Target upside potential in the 106,000 - 109,000 USD range.
Risk Management:
- A drop below 91,000 USD could indicate a structural shift, necessitating a reassessment of the wave pattern.
Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis - 4H Chart
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave ((B))
Next Higher Degree Wave: Wave IV
Wave Cancel Invalid Level:
Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
BTC/USD remains in Corrective Wave IV, with the market currently navigating wave B of IV. A potential short-term rally may precede a downside movement. The Flat Correction structure suggests wave C could move downward to test the 87,735 USD support level.
Trading Strategies
Buy Strategy (Long Position):
- Seek short-term uptrend opportunities.
- The uptrend target remains at 106,000 - 109,000 USD.
Risk Management:
- A break below 91,000 USD may indicate a structural change, requiring a revised market outlook.
Technical Analyst: Kittiampon Somboonsod
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