29Apr

BTCUSD Elliott Wave Analysis Predicts Sharp Drop As Wave C Follows 0.618 Resistance Rejection in Zigzag Correction Structure

BTCUSD Elliott Wave Analysis – TradingLounge Daily Chart

Bitcoin / U.S. Dollar (BTCUSD) Daily Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Next Direction (Higher Degree): Wave (b)

Invalidation Level: (not specified)

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

BTCUSD has rebounded within a classic Elliott Wave a-b-c corrective structure, reaching the 0.618 Fibonacci resistance. Current price behavior reveals signs of exhaustion, indicating that wave (b) may be nearing completion. This positions BTCUSD for a potential decline into wave (c), aligning with typical zigzag corrective patterns seen in crypto markets.

Trading Strategies
Strategy:

  • For Short-Term Traders (Swing Trade): If BTCUSD breaks below 90,817, it would signal the onset of wave (c), with downside targets near 74,322 or lower. This sets up a strong short opportunity in line with Elliott Wave projections.
  • Risk Management: A move above 96,143, and especially a breakout past 109,427, would invalidate the current wave structure, requiring a fresh technical review.

BTCUSD-1d-crypto-cha...


BTCUSD Elliott Wave Analysis – TradingLounge H4 Chart

Bitcoin / U.S. Dollar (BTCUSD) H4 Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Next Direction (Higher Degree): Wave (b)

Invalidation Level: (not specified)

Bitcoin / U.S. Dollar (BTCUSD) 4-Hour Trading Strategy

On the 4-hour timeframe, BTCUSD completed a sharp rebound inside a corrective a-b-c pattern and encountered resistance at the 0.618 Fibonacci level. Weakening momentum suggests that wave (b) is close to finalizing, increasing the probability of a wave (c) decline, a common development in crypto market corrections.

BTCUSD Trading Strategies

Strategy:

  • For Short-Term Traders (Swing Trade): A decline below 90,817 would confirm the beginning of wave (c), targeting the 74,322 area or lower, offering a potential short trade setup.
  • Risk Management: If BTCUSD rallies above 96,143 and continues through 109,427, the current Elliott Wave count is invalid, and new wave labeling must be considered.

Technical Analyst: Kittiampon Somboonsod, CEWA

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

Previous: NEOUSD Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

BTCUSD-4h-crypto-cha...

Related

BPCL Indian Stocks Elliott Wave Technical Analysis - BPCL Share Price, Helping Traders and Investors Make Informed Decisions

BPCL Indian Stocks Elliott Wave Technical Analysis - BPCL Share Price, Helping Traders and Investors Make Informed Decisions

BPCL stock has shown a strong corrective wave pattern, indicating potential short-term rallies befor...

Read More >
Navigating Corrections for Trading Success Alphabet Inc.,(GOOGL) Elliott Wave Technical Analysis

Navigating Corrections for Trading Success Alphabet Inc.,(GOOGL) Elliott Wave Technical Analysis

As of February 27, 2024, Alphabet Inc. (GOOGL) presents intriguing opportunities for traders amidst ...

Read More >
Elliott Wave Analysis of COLES GROUP LIMITED (ASX:COL) – Key Wave Counts, Technical Analysis and Trading Strategies

Elliott Wave Analysis of COLES GROUP LIMITED (ASX:COL) – Key Wave Counts, Technical Analysis and Trading Strategies

Elliott Wave analysis for COLES GROUP LIMITED (ASX:COL). Learn about wave counts, market trends, and...

Read More >
Visa Inc.(V:NYSE) Elliott Wave Technical Analysis 23 November 23

Visa Inc.(V:NYSE) Elliott Wave Technical Analysis 23 November 23

Visa Inc.(V: NYSE) Elliott Wave Technical Analysis Dated 23 November 23 with 1Hr and 4Hr Chart,

Read More >
AAVEUSD Elliott Wave Technical Analysis: Bullish Momentum, Price Predictions, Trading Strategies

AAVEUSD Elliott Wave Technical Analysis: Bullish Momentum, Price Predictions, Trading Strategies

AAVEUSD is showing strong bullish momentum with an impulsive rally supported by Elliott Wave analysi...

Read More >
In-depth look at the EUR/GBP Currency Pair using the Elliott Wave Theory: Insights into Potential Forex Market Movements

In-depth look at the EUR/GBP Currency Pair using the Elliott Wave Theory: Insights into Potential Forex Market Movements

This analysis provides an in-depth look at the EUR/GBP currency pair using the Elliott Wave theory. ...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on