This chart illustrates an Elliott Wave pattern on BTCUSDT in the 4-hour timeframe. The market initially completed a 5-wave impulse move to the upside, labeled as (1)-(2)-(3)-(4)-(5), signaling a strong bullish trend. Following the completion of Wave (5), a corrective ABC structure has begun, indicating a potential retracement phase.
- The 5-wave impulse structure suggests a completed bullish cycle.
- Wave (A) marks the initial corrective decline, followed by a recovery in Wave (B).
- Wave (C) is in progress, likely targeting lower levels before a potential reversal or continuation of the trend.
Traders should watch key support and resistance levels to identify potential reversal zones or continuation patterns. If BTC finds strong support at a key level, it could indicate a buying opportunity for the next bullish wave. Conversely, a deeper breakdown could confirm extended correction.
Always apply proper risk management and confirm setups with additional technical indicators.
- The 5-wave impulse structure suggests a completed bullish cycle.
- Wave (A) marks the initial corrective decline, followed by a recovery in Wave (B).
- Wave (C) is in progress, likely targeting lower levels before a potential reversal or continuation of the trend.
Traders should watch key support and resistance levels to identify potential reversal zones or continuation patterns. If BTC finds strong support at a key level, it could indicate a buying opportunity for the next bullish wave. Conversely, a deeper breakdown could confirm extended correction.
Always apply proper risk management and confirm setups with additional technical indicators.
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.