Bitcoin / U.S. Dollar (BTCUSD) Elliott Wave Analysis – TradingLounge – Daily Chart
BTCUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 3
Direction: Anticipated continuation to the upside in the next higher wave degrees.
Bitcoin (BTCUSD) Trading Strategy
Bitcoin recently broke above the $110,590 level, completing wave (1). It is now undergoing a wave (2) ABC correction. Currently, sub-wave C is interacting with a major support zone, where a potential bullish reaction could initiate wave (3) upward movement.
Trading Strategies
✅ For Short-Term Traders (Swing Trade):
- Aggressive Entry: Monitor the $107,200–$106,300 range for bullish reversal indicators such as RSI divergence or bullish engulfing candlestick formations.
- Conservative Entry: Wait for a confirmed daily close above $110,600, signaling the beginning of wave (3).
🟥 Wave Count Invalidation:
- Key Level: $105,149.53
- A decline below this level would invalidate the current wave structure and require reevaluation.
Bitcoin / U.S. Dollar (BTCUSD) Elliott Wave Analysis – TradingLounge – 4H Chart
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 3
BTC Price Forecast:
Following the breakout above $110,590, BTCUSD has entered an ABC corrective phase representing wave (2). Sub-wave C is currently testing a significant support level. A bullish rebound from this zone could mark the start of wave (3) moving higher.
Trading Strategies – Summary
✅ For Short-Term Traders (Swing Trade):
- Aggressive Entry: Enter within the $107,200–$106,300 area if bullish technical patterns are observed.
- Conservative Entry: Wait for confirmation with a close above $110,600 to initiate long positions.
🟥 Invalidation Point:
- Critical Price Level: $105,149.53
- Any drop below this price invalidates the current Elliott Wave outlook.
Technical Analyst: Kittiampon Somboonsod, CEWA
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
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