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