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

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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.

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