BTCUSD Elliott Wave Technical Analysis – TradingLounge Daily Chart

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave (D)

Next Higher Degree Direction: Wave ((4))

Invalidation Level: -

Details: Bitcoin (BTCUSD) is in the final phase of a Triangle Correction (A-B-C-D-E), which is part of a Wave 4 correction pattern. The current price movement suggests an upward push in Wave D, before a potential retracement to Wave E ahead of a larger bullish breakout in Wave 5, leading into Wave III.

Bitcoin (BTCUSD) Trading Strategy – Daily Chart

BTCUSD is currently advancing in Wave D, testing a crucial resistance level at 105,234 USD (Fib 0.786). Following this, a possible retracement into Wave E could precede a bullish Wave 5 breakout, potentially extending into Wave III.

Trading Strategies – Daily Chart

 Long Strategy:

• Consider entering a long position at 96,500 USD if a reversal signal confirms an upward movement.

 Risk Management:

• Invalidation Level: Exit the position if BTCUSD drops below 91,347 USD.

BTCUSD Elliott Wave Technical Analysis – TradingLounge H4 Chart

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave (D)

Next Higher Degree Direction: Wave ((4))

Invalidation Level: -

Details: Bitcoin’s price movement aligns with the final stages of a Triangle Correction (A-B-C-D-E), indicating a near-term completion of Wave D before a retracement into Wave E, eventually leading to a strong bullish Wave 5 impulse in Wave III.

Bitcoin (BTCUSD) Trading Strategy – H4 Chart

BTCUSD remains within Wave D, approaching the critical 105,234 USD resistance zone (Fib 0.786). A short-term retracement into Wave E is possible before Bitcoin resumes its Wave 5 rally, continuing the larger Elliott Wave cycle.

Trading Strategies – H4 Chart

 Long Strategy:

• Consider entering a long position at 96,500 USD if a confirmed reversal pattern emerges.

 Risk Management:

• Invalidation Level: Close positions if BTCUSD falls below 91,347 USD.

Technical Analyst: Kittiampon Somboonsod

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