Bitcoin/U.S. Dollar (BTCUSD) Elliott Wave Analysis – Daily Chart
BTCUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Flat
Position: Wave (C)
Next Higher Degree Direction: Wave ((4))
Invalidation Level:
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy
BTC/USD is in the final stage of its Wave C correction, with key support located at $86,439.58. A rebound above $97,198.26 could signal a bullish trend reversal, while a breakdown below $86,439.58 may confirm a continuation of the downtrend.
Trading Strategies
Long Strategy: Wait for a Buy Dip
- If BTC remains above $86,439.58 and generates a reversal signal, it could be a buying opportunity.
- The initial target is $97,198.26; surpassing this level may push BTC toward higher resistance zones.
Risk Management
- If BTC/USD drops below $86,439.58, the price could decline further into the $83,000 - $81,000 support zone.
Bitcoin/U.S. Dollar (BTCUSD) Elliott Wave Analysis – H4 Chart
Function: Counter-Trend
Mode: Corrective
Structure: Flat
Position: Wave (C)
Next Higher Degree Direction: Wave ((4))
Invalidation Level:
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy
BTC/USD is approaching the final stage of its Wave C correction, with $86,439.58 acting as strong support. A breakout above $97,198.26 could signal a bullish reversal, while a decline below $86,439.58 may indicate further downside potential.
Trading Strategies
Long Strategy: Wait for a Buy Dip
- If BTC holds above $86,439.58 and presents a reversal confirmation, it could provide a long entry opportunity.
- The primary target is $97,198.26; a breakout beyond this level may push BTC to higher resistance levels.
Risk Management
- A decline below $86,439.58 could lead BTC/USD to extend losses toward the $83,000 - $81,000 range.
Technical Analyst: Kittiampon Somboonsod, CEWA
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: GBPUSD Elliott Wave Technical Analysis
VALUE Offer - Buy 1 Month & Get 3 Months!Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
