In this article we’re going to take a quick look at the Elliott Wave charts of Bitcoin BTCUSD published in members area of the website. As our members know BTCUSD is showing impulsive bullish sequences in the cycle from the 52598 low , that are calling for a further strength. Recently we got a pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.
BTCUSD Elliott Wave 1 Hour Chart 11.04.2024
BTCUSD is giving us correction that is unfolding as a Elliott Wave Double Three pattern. At the moment structure is still incomplete. Pull back shows lower low sequences. Bitcoin can see more downside toward 66813-63855 blue box ( buying zone). We don’t recommend selling Bitcoin and prefer the long side. From the marked zone, BTCUSD should ideally make either rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the ((x)) black high , we will make long position risk free ( put SL at BE) and take partial profits.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
Bitcoin ( BTCUSD ) Elliott Wave 1 Hour Chart 11.06.2024
BTCUSD made an extension toward our buying zone: 66,813–63,855. The crypto found buyers at the Blue Box as expected, and we got a good reaction from there. Bitcoin made an impulsive rally that broke to new highs. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 66,797 low, we expect further strength to follow.
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Bitcoin ( BTCUSD ) Elliott Wave 1 Hour Chart 12.05.2024
One month later, we can see that Bitcoin made further gains, just like we expected. The price kept pushing higher, breaking through key resistance levels and reaching new highs. Traders who stuck with their long positions are now enjoying solid profits. The strength we’re seeing now suggests that there could be even more upside ahead.
