19Mar

Bitcoin (BTCUSD) Elliott Wave Analysis: Trading Strategy, Key Support & Resistance Levels, and Short-Term Crypto Market Trends

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

BTCUSD Elliott Wave Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave b

Next Higher Degree Wave: Wave ((II))

Wave Cancel Invalid Level: Not specified

Market Outlook

Bitcoin (BTC/USD) is currently undergoing an Elliott Wave corrective phase. The cryptocurrency recently completed Wave A and is now transitioning into Wave B. This phase suggests a temporary recovery before Bitcoin resumes its downtrend toward Wave C.

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

BTC/USD continues to trade within an Elliott Wave corrective structure, with price action testing the $76,700 support level. Current movements indicate an upward trajectory as part of Wave B, with the potential to challenge key resistance levels before declining into Wave C.

Key Technical Highlights:

  • The correction follows a (a)-(b)-(c) pattern.
  • The recent low at $76,703 marked the completion of Wave (a).
  • Wave (b) is currently forming an upward movement.
  • The primary resistance level sits at $90,792, a potential reversal zone for Wave B before the price declines into Wave C.

Trading Strategies

  • ✅ Short-Term Trading Strategy (Swing Trade)

Bitcoin is projected to rebound toward the $90,000 – $91,000 resistance range.

Short-term traders may identify speculative opportunities during Wave B.

  • Risk Management

If Bitcoin nears the $90,800 resistance, traders should watch for reversal signals to prepare for a possible Wave C decline.

BTCUSD-1d-crypto-cha...


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

BTCUSD Elliott Wave Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave b

Next Higher Degree Wave: Wave ((II))

Wave Cancel Invalid Level: Not specified

Market Outlook

Bitcoin (BTC/USD) remains in a corrective Elliott Wave structure. The asset recently completed Wave A and is now progressing into Wave B, signaling a short-term price rebound before transitioning into Wave C.

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

Bitcoin continues trading within a corrective structure after testing the $76,700 support zone. The price is currently forming a Wave B recovery, with a possible test of the $90,792 resistance before reversing into Wave C.

Key Technical Highlights:

  • The correction adheres to a (a)-(b)-(c) structure.
  • The recent low at $76,703 marked the completion of Wave (a).
  • The next major resistance is $90,792, a critical level where Wave B may reverse before entering Wave C.

Trading Strategies

  • ✅ Short-Term Trading Strategy (Swing Trade)

Bitcoin is anticipated to rebound toward the $90,000 – $91,000 resistance before resuming its decline.

Short-term traders can explore speculative trades within Wave B.

  • Risk Management

If Bitcoin approaches $90,800, traders should monitor potential reversal signals for a downward move into Wave C.

Technical Analyst: Kittiampon Somboonsod

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

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