BTC/USD Elliott Wave Technical Analysis Overview
- Function: Counter Trend
- Mode: Corrective
- Structure: Zigzag
- Position: Wave B
- Direction (Higher Degrees): Wave ((II))
- Invalidation Level: Monitor key support/resistance zones
Detailed Breakdown
Bitcoin (BTC/USD) is undergoing an Elliott Wave corrective pattern. Following the completion of Wave A, the market is poised for Wave B—a temporary rebound—before potentially descending toward Wave C.
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BTC/USD Trading Strategy
Key Levels to Watch
- Recent Low: $76,703
- Critical Resistance: $90,792
- Next Support Target: $73,902
Short-Term Trading Opportunities
Rebound Scenario (Wave B):
- If BTC tests $90,792 and shows reversal signals (e.g., bearish candlestick patterns), consider short positions.
- Stop-Loss: A sustained break above $90,792 invalidates the correction thesis.
Downside Scenario (Wave C):
- Failure to breach $90,792 may lead to a decline toward **$73,902**.
- Monitor volume and momentum for confirmation.
Risk Management
- Reassess the wave count if BTC holds above $90,792.
- Use tight stop-loss orders to mitigate false breakouts.
Frequently Asked Questions (FAQs)
1. What is an Elliott Wave Correction?
A corrective phase (like the current Zigzag) counteracts the primary trend, consisting of three waves (A-B-C).
2. Why is $90,792 a critical level?
It’s a historical resistance zone where selling pressure often intensifies, making it pivotal for trend reversals.
3. How reliable is Elliott Wave analysis for BTC?
While subjective, combining it with other tools (e.g., RSI, Fibonacci) enhances accuracy.
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Disclaimer
Trading involves substantial risk. Past performance doesn’t guarantee future results. Consult a financial advisor to align strategies with your risk tolerance.
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