In this article we’re going to take a quick look at the Elliott Wave charts of Bitcoin BTC/USD. BTC/USD 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.
BTC/USD Elliott Wave 1 hour chart 11.04.2023
BTC/USD 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, BTC/USD 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.
Bitcoin (BTC/USD) Elliott Wave 1 hour chart 4.14.2023
BTC/USD 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.
