Bitcoin BTCUSD Buying The Dips At The Blue Box Area
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 24955.26 low that were 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 11.04.2023
BTCUSD is giving us correction that is unfolding as a Zig Zag pattern. At the moment structure is still incomplete. Bitcoin can see more downside toward 35173.76-33717.907 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 (b) blue high 37547, we will make long position risk free ( put SL at BE) and take partial profits.
Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.
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 4.14.2023
BTCUSD made extension toward our buying zone : 35173.76-33717.907. Bitcoin found buyers at the blue box as expected and we got good reaction from there , 5 waves impulsive rally that retested previous peak. Currently doing short term pull back against the 34805.11 low that can see approximately 36506-35663 area. As far as the pivot at 34805.11 low holds, we can see further rally once short term pull back completes.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.