07Apr

Bitcoin / U.S. Dollar (BTCUSD) Elliott Wave Forecast: Corrective Pattern Points to $62K Support Zone, Trading Strategy and Price Analysis Explained

BTCUSD Elliott Wave Forecast – Daily Chart Analysis

Elliott Wave Technical Overview for BTCUSD (Daily Timeframe)

Bitcoin Price Outlook: Corrective Phase in Progress

Market Objective: Short-term Counter-Trend Move

Wave Mode: Corrective

Elliott Wave Pattern: Zigzag

Current Wave Position: Wave C

Larger Trend Context: Part of Corrective Wave ((II))

Invalidation Level: N/A

BTCUSD Daily Chart Strategy Insight:

Bitcoin is completing a zigzag correction, aligning with typical Elliott Wave patterns. The current downward move, labeled as wave (c), is expected to target around $62,075, based on a potential equivalence with wave (a). The earlier wave (a) peaked near $76,510, followed by a weaker bounce in wave (b), which failed to surpass resistance around $81,388. This pattern signals a likely continuation lower, with $62K acting as a support zone.

Swing Trading Strategy:

✅ Opportunity: The $62K price level may offer a favorable entry for medium to long-term swing trades. However, confirmation of wave (c) completion is recommended before initiating positions.

Risk Parameters:

📌 Invalidation Point: The current wave count will be invalidated if Bitcoin breaks above $88,973.

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BTCUSD Elliott Wave Forecast – H4 Chart Analysis

Elliott Wave Technical Overview for BTCUSD (4-Hour Timeframe)

Short-Term Bitcoin Technicals: Zooming Into the Correction

Market Objective: Short-term Counter-Trend Move

Wave Mode: Corrective

Elliott Wave Pattern: Zigzag

Current Wave Position: Wave C

Larger Trend Context: Part of Corrective Wave ((II))

Invalidation Level: N/A

BTCUSD H4 Chart Strategy Insight:

On the 4-hour chart, Bitcoin remains in a bearish correction. Wave (c) is unfolding toward the $62,075 target, in sync with the daily chart projection. Wave (b) lacked enough momentum to breach resistance near $81,388, reinforcing the near-term bearish structure and validating continued downside potential.

Swing Trading Strategy:

✅ Opportunity: The $62K support region could provide a buy-the-dip opportunity, especially for long-term accumulation. Wait for wave completion signals before committing to entries.

Risk Parameters:

📌 Invalidation Point: A move above $88,973 would negate the current corrective outlook.

Technical Analyst: Kittiampon Somboonsod, CEWA

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

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