12Mar

iShares Bitcoin Trust ETF Elliott Wave Analysis: IBIT Price Prediction, Fibonacci Targets & Expert Trading Strategy for Maximum Profits

iShares Bitcoin Trust ETF (IBIT) Elliott Wave Analysis- TradingLounge Daily Chart

iShares Bitcoin Trust ETF Daily Chart Analysis

IBIT Technical Analysis Overview

Function: Major Trend (Minor Degree – Grey)

Mode: Motive

Structure: Impulse

Position: Wave [iv] of 5

Direction: Rally

Analysis Details

The bullish trend is currently on pause as wave [iv] continues to develop.

Minimum Fibonacci levels have been reached, signaling that the major trend resumption is likely approaching.

The lower boundary of the Kennedy Base Channel has been broken, which could serve as an early warning for potential alternative scenarios.

Once the WXY structure completes, a long position at the break of the 38.2% Fibonacci level could be an optimal entry point for retail traders.

New all-time highs are anticipated once the correction phase concludes.

Invalidation Level: High of wave [i] (Minute Degree – Navy)

iShares-Bitcoin-Trus...


iShares Bitcoin Trust ETF (IBIT) – Elliott Wave Technical Analysis 4-Hour Chart

iShares Bitcoin Trust ETF Technical Analysis Overview

Function: Minor Trend (Minute Degree – Navy)

Mode: Corrective

Structure: Double Zigzag

Position: Wave c of (y) of [iv]

Direction: Decline

iShares Bitcoin Trust ETF Analysis Details

A minor decline is expected before wave [iv] correction concludes.

Shortly after, bullish momentum will likely return, pushing prices above the $61.06 high.

The 50% Fibonacci level is the next key target and could serve as the stopping point of the decline.

Invalidation Level: High of wave [i]

Technical Analyst: Siinom

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

See Previous: VanEck Gold Miners ETF – GDX 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

iShares-Bitcoin-Trus...


Conclusion - The summary of the Elliott Wave analysis indicates:

The wave decline is in its final phase, and completion is expected within the week.
Once the correction phase ends, the market is likely to rally, surpassing the $61.06 high.
Traders must adhere to Elliott Wave principles and track invalidation levels to minimize avoidable losses.

Related

Understand FMG's stock trends FORTESCUE LTD - FMG Stock Analysis & Elliott Wave Technical Forecast

Understand FMG's stock trends FORTESCUE LTD - FMG Stock Analysis & Elliott Wave Technical Forecast

Explore an in-depth Elliott Wave analysis of Fortescue Metals Group Ltd (FMG) on the Australian Stoc...

Read More >
AMCOR PLC – AMC Elliott Wave Forecast Reveals Bullish Wave 3 Setup with Price Targets, Stock Analysis, and Trading Strategy

AMCOR PLC – AMC Elliott Wave Forecast Reveals Bullish Wave 3 Setup with Price Targets, Stock Analysis, and Trading Strategy

AMCOR PLC (ASX: AMC) uses Elliott Wave Theory to forecast a potential bullish trend. With Wave (2) c...

Read More >
ASX Stock Analysis offers in-depth Elliott Wave Technical Forecast for ASX LIMITED

ASX Stock Analysis offers in-depth Elliott Wave Technical Forecast for ASX LIMITED

Our comprehensive ASX analysis offers in-depth Elliott Wave insights for ASX LIMITED. Stay updated w...

Read More >
Valuable Forex Trading Strategies For U.S. Dollar / Swiss Franc Currency Pair with USDCHF Elliott Wave Technical Analysis

Valuable Forex Trading Strategies For U.S. Dollar / Swiss Franc Currency Pair with USDCHF Elliott Wave Technical Analysis

This article provides a thorough USDCHF analysis based on Elliott Wave theory, covering daily and 4-...

Read More >
Silver Price Forecast: Elliott Wave Analysis Predicts Strong Wave 3 Breakout After Completing Wave 2 Correction Above $28

Silver Price Forecast: Elliott Wave Analysis Predicts Strong Wave 3 Breakout After Completing Wave 2 Correction Above $28

Silver remains in a bullish uptrend, currently correcting before an expected wave 3 breakout above 2...

Read More >
ASX SHL Stock Analysis: Sonic Healthcare Limited Elliott Wave Technical Analysis, Price Target Insights & Price Target

ASX SHL Stock Analysis: Sonic Healthcare Limited Elliott Wave Technical Analysis, Price Target Insights & Price Target

This report provides an in-depth Elliott Wave analysis of ASX: SHL (Sonic Healthcare Limited), inclu...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on