Bitcoin Elliott Wave Projection – 4H Timeframe Analysis
This 4-hour BTC/USD chart applies Elliott Wave Theory to outline a potential bullish continuation scenario, balanced with a corrective alternative. The chart currently identifies a completed 5-wave impulse move from the recent bottom, followed by a likely ABC corrective structure forming.
Key Elements:
• Primary Impulse (Blue Waves 1-5): A five-wave bullish sequence appears to have played out from early April to early May, suggesting the completion of Wave (1) of a larger degree bullish cycle.
• Corrective Wave (ABC in Yellow): After the peak of Wave (5), an ABC correction is expected, retracing into the Fibonacci support zones. Highlighted levels include the 0.382 ($89,958), 0.5 ($87,286), and 0.618 ($84,713) retracement levels.
• Accumulation/Order Block Zones: Two key green demand zones are marked between $86,997 and $75,322, with heavy interest shown in the golden pocket region for potential re-entries (0.618-0.65 zone).
• Bullish Continuation Scenario: After the corrective ABC structure completes, a new five-wave impulsive rally is projected—this would form Wave (3) of a higher-degree cycle, with sub-waves (1)-(5) plotted in blue, potentially pushing BTC toward the $140,000 range.
• Bearish Alternative (Red Arrow): A red arrow suggests the alternate scenario—if price fails to hold the Fibonacci support or green demand zones, a deeper decline could ensue, invalidating the bullish wave count.
Technical Indicators:
• Moving Averages: The chart includes a 50-period EMA (red) and a longer-term MA (white), showing a bullish crossover.
• Order Block Detector (LuxAlgo): Supports the chart’s high-confluence buy zones.
This 4-hour BTC/USD chart applies Elliott Wave Theory to outline a potential bullish continuation scenario, balanced with a corrective alternative. The chart currently identifies a completed 5-wave impulse move from the recent bottom, followed by a likely ABC corrective structure forming.
Key Elements:
• Primary Impulse (Blue Waves 1-5): A five-wave bullish sequence appears to have played out from early April to early May, suggesting the completion of Wave (1) of a larger degree bullish cycle.
• Corrective Wave (ABC in Yellow): After the peak of Wave (5), an ABC correction is expected, retracing into the Fibonacci support zones. Highlighted levels include the 0.382 ($89,958), 0.5 ($87,286), and 0.618 ($84,713) retracement levels.
• Accumulation/Order Block Zones: Two key green demand zones are marked between $86,997 and $75,322, with heavy interest shown in the golden pocket region for potential re-entries (0.618-0.65 zone).
• Bullish Continuation Scenario: After the corrective ABC structure completes, a new five-wave impulsive rally is projected—this would form Wave (3) of a higher-degree cycle, with sub-waves (1)-(5) plotted in blue, potentially pushing BTC toward the $140,000 range.
• Bearish Alternative (Red Arrow): A red arrow suggests the alternate scenario—if price fails to hold the Fibonacci support or green demand zones, a deeper decline could ensue, invalidating the bullish wave count.
Technical Indicators:
• Moving Averages: The chart includes a 50-period EMA (red) and a longer-term MA (white), showing a bullish crossover.
• Order Block Detector (LuxAlgo): Supports the chart’s high-confluence buy zones.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.