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

ASX: BRK.B Elliott Wave Analysis Provides a Detailed Technical Outlook on Berkshire Hathaway Stock Using Daily and 1-hour Charts

ASX: BRK.B Elliott Wave Analysis Provides a Detailed Technical Outlook on Berkshire Hathaway Stock Using Daily and 1-hour Charts

This BRK.B Elliott Wave analysis provides a detailed technical outlook on Berkshire Hathaway stock u...

Read More >
Elliott Wave analysis for Meta Platforms Inc. (META) Stock, Covering both Daily and 4-hour charts Technical Analysis

Elliott Wave analysis for Meta Platforms Inc. (META) Stock, Covering both Daily and 4-hour charts Technical Analysis

This article provides a detailed Elliott Wave analysis for Meta Platforms Inc. (META), covering both...

Read More >
ASX Trading Success: REA GROUP LTD – REA Stock Analysis & Elliott Wave Technical Forecast

ASX Trading Success: REA GROUP LTD – REA Stock Analysis & Elliott Wave Technical Forecast

This detailed article provides an in-depth Elliott Wave Analysis of REA Group Ltd, listed on the Aus...

Read More >
KOSPI Composite Elliott Wave Analysis: Market Forecast, Price Projection & Technical Insights for Stock Market Success

KOSPI Composite Elliott Wave Analysis: Market Forecast, Price Projection & Technical Insights for Stock Market Success

KOSPI Elliott Wave analysis, covering the bullish trend, impulsive wave structure, and market outloo...

Read More >
AXIS BANK LTD. Elliott Wave Analysis: Share Price Forecast, Technical Trends, and Key Support & Resistance Levels

AXIS BANK LTD. Elliott Wave Analysis: Share Price Forecast, Technical Trends, and Key Support & Resistance Levels

AXIS BANK stock analysis using Elliott Wave theory. This article covers share price forecasts, techn...

Read More >
Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 27 November 23

Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 27 November 23

Bitcoin/U.S. dollar(BTCUSD) Elliott Wave Technical Analysis on 27 November 23 with BTCUSD Analysis D...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

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

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

Gain a competive edge with expert insights in to:

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

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • 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