Welcome to our latest analysis on Bitcoin’s (BTCUSD) market movements, exclusive to our members. We’re witnessing a dynamic bull run originating from the significant low at 24,955.26, suggesting the potential for continued upward momentum. A recent retracement has concluded within our designated ‘Blue Box’ buying area. This article will delve into our Elliott Wave Forecast and the rationale behind our trading approach.
BTCUSD Elliott Wave 1-Hour Analysis as of November 4, 2023
We’re tracking a corrective Zig Zag pattern in BTCUSD’s price action, which currently remains unfinished. A further decline towards the 35,173.76 to 33,717.907 range—the ‘Blue Box’ buying zone—is possible. Our strategy does not favor short positions in Bitcoin; instead, we’re inclined towards long positions. Ideally, from this zone, we anticipate a surge to new heights or a corrective 3-wave rally. Should the recovery hit 50% Fibonacci retracement relative to the ‘b’ high at 37,547, we’ll move to secure our long position by setting a break-even stop loss and taking partial profits.
Our comprehensive guide on trading the 3, 7, or 11 swing and equal leg patterns is detailed in an educational video available within the membership area for those interested in our official strategies.
Here’s a brief rundown on interpreting our charts:
- A red bearish indicator coupled with a blue box signifies a Sell setup.
- A green bullish indicator plus a blue box indicates a Buy setup.
- Non-tradable setups are marked with a black stamp. 🚫
Bitcoin (BTCUSD) Elliott Wave 1-Hour Chart Update: April 14, 2023
Bitcoin’s price has touched down in our buying zone, stretching from 35,173.76 to 33,717.907. The market response was as forecasted, with Bitcoin rallying in a 5-wave move that revisited the prior peak. We’re now observing a minor retracement against the low at 34,805.11, potentially reaching the 36,506 to 35,663 zone. Providing the pivot at the 34,805.11 low remains unbroken, we’re looking at prospects for a further climb following this short-term correction.