17Mar

Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis: Support & Resistance Levels, and Crypto Market Trends for Traders

Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis – TradingLounge Daily Chart

BTCUSD Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Zigzag

Position: Wave b

Next Higher Degree Direction: Wave ((II))

Invalidation Level:

Details:

Bitcoin (BTC/USD) is currently forming a corrective Elliott Wave pattern. The price has recently completed Wave A and is now expected to enter Wave B, a short-term upward movement before transitioning into Wave C.

Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy

BTCUSD remains within a corrective Elliott Wave structure following its drop to the $76,700 support level. It is currently forming a wave b bounce, potentially reaching a critical resistance area before continuing downward into wave c. The current pattern follows a wave (a)-(b)-(c) correction.

  • The price bottomed out at $76,703, confirming the end of wave (a) and the beginning of an upward correction in wave b.
  • A key resistance level is positioned at $90,792, which could serve as a potential reversal area before BTCUSD resumes its downtrend into wave c.

Trading Strategies

✅ For Short-Term Traders (Swing Trade)

  • BTCUSD is likely to rebound towards the $90,000 – $91,000 resistance zone before experiencing another downturn.
  • Short-term traders may consider speculative trades within wave b.

Risk Management:

If BTCUSD approaches the $90,800 resistance level, traders should closely monitor reversal signals, which could indicate the start of a strong decline in wave c.

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Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis – TradingLounge H4 Chart

BTCUSD Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Zigzag

Position: Wave b

Next Higher Degree Direction: Wave ((II))

Invalidation Level:

Details:

Bitcoin (BTC/USD) is still progressing within a corrective Elliott Wave structure. The price has recently completed Wave A and is now expected to enter Wave B, a temporary upward movement before transitioning into Wave C.

Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy

BTCUSD remains in a corrective Elliott Wave structure after declining to the $76,700 support level. Currently, wave b is forming, potentially moving towards a key resistance zone before reversing downward into wave c. The pattern follows a wave (a)-(b)-(c) correction.

  • The price reached a low of $76,703, signaling the end of wave (a) and the start of a short-term uptrend in wave b.
  • A major resistance level at $90,792 could act as a key reversal zone before BTCUSD transitions into a bearish wave c.

Trading Strategies

✅ For Short-Term Traders (Swing Trade)

  • BTCUSD may move toward the $90,000 – $91,000 resistance range before experiencing another downward move.
  • Short-term traders could look for potential trading opportunities within wave b.

Risk Management:

If BTCUSD approaches the $90,800 resistance zone, traders should carefully observe reversal patterns, as these could indicate the onset of a strong downward wave c.

Technical Analyst: Kittiampon Somboonsod

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

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