BTCUSD Daily Chart Analysis: Bullish Reversal in Elliott Wave Structure

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction of Next Higher Degree: Wave ((4))

Wave Cancel Invalid Level: Not specified

Analysis:
Bitcoin (BTCUSD) has retraced to a key support level at 78,402 USD, where strong buying momentum has emerged. This suggests that BTC may be initiating a V wave formation, aligning with the Elliott Wave theory. If this scenario materializes, BTCUSD could rally toward 126,000 USD in the ongoing cycle.

The daily Elliott Wave structure highlights a corrective flat pattern, indicating a potential transition from the current correction into the next impulsive phase. As buying pressure intensifies at support, traders should monitor price action for bullish confirmation signals.

BTCUSD H4 Chart Analysis: Short-Term Buy Signal at Key Support

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction of Next Higher Degree: Wave ((4))

Wave Cancel Invalid Level: Not specified

Analysis:
BTCUSD has declined toward the crucial support zone of 78,402 USD, where buyers have re-entered the market. According to Elliott Wave principles, this setup favors a potential V wave emergence, suggesting a bullish reversal.

The 4-hour chart provides a more detailed perspective of the corrective flat structure. Bitcoin remains within Wave (C) of this pattern, forming part of the broader Wave ((4)) correction. If the anticipated V wave formation is confirmed, BTCUSD could surge toward 126,000 USD, marking a significant breakout in this cycle.

Technical Analyst: Kittiampon Somboonsod

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

Previous: NEOUSD 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