Today’s Bitcoin Price Update: Elliott Wave Technical Analysis [Video]

Daily Chart Analysis of Elliott Wave by TradingLounge.

Bitcoin/ U.S. Dollar (BTCUSD).

Technical Analysis of BTC/USD Using Elliott Wave

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Triangle.

• Position: Wave (D).

• Next higher degree direction: Wave ((4)).

• Invalidation level: –

• Details: The price of Bitcoin is nearing the end of a Triangle Correction (A-B-C-D-E), which represents a 4-wave corrective phase.

Trading Strategy for Bitcoin/US Dollar (BTC/USD)

Currently, the market is in the concluding phase of a Triangle Correction (A-B-C-D-E) within Wave 4. BTCUSD is anticipated to develop Wave D, ascending to challenge the key resistance level of 105,234 USD (Fib 0.786). This will likely be followed by a potential pullback to Wave E before embarking on a significant uptrend into Wave 5, progressing into Wave III.

Trading Strategies

• Strategy:

• Risk Management:

H4 Chart Analysis of Elliott Wave by TradingLounge.

Bitcoin/ U.S. Dollar (BTCUSD).

Technical Analysis of BTC/USD Using Elliott Wave

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Triangle.

• Position: Wave (D).

• Next higher degree direction: Wave ((4)).

• Invalidation level: –

• Details: Currently, Bitcoin’s price is in the final segment of a Triangle Correction (A-B-C-D-E), forming part of a 4-wave corrective structure.

Trading Strategy for Bitcoin/US Dollar (BTC/USD)

The price is in the latter part of the Triangle Correction (A-B-C-D-E) within Wave 4. BTCUSD is expected to be in Wave D, rising to test the significant resistance at 105,234 USD (Fib 0.786). A potential retracement to Wave E may precede a renewed upward movement into Wave 5, extending into Wave III.

Trading Strategies

• Strategy:

• Risk Management:

Analyst from TradingLounge: Kittiampon Somboonsod, CEWA.

BTC/USD Elliott Wave Technical Analysis [Video]