BTCUSDT: Wave 1 Momentum Continues, Backed by Dow Theory
Bitcoin (BTCUSDT) has shown a significant breakout, continuing its Wave 1 formation as per Elliott Wave Theory. Currently trading above $91,000, BTC has breached key resistance levels, confirming strong bullish momentum.
Dow Theory reinforces this uptrend, with consistent higher highs and higher lows forming a solid foundation. The breakout from the prolonged consolidation zone (Wave 2) signals the continuation of Wave 1. This momentum aligns with classic market behavior observed in bullish trends, where upward price action accelerates after consolidation.
The next target lies at the 1.618 Fibonacci extension, near $103,600. Traders should monitor any retracements as potential opportunities for accumulation, especially around $74,000, which could act as a key support if a corrective wave emerges. The alignment of Dow Theory with Elliott Wave patterns underscores Bitcoin's bullish potential in this phase.
Dow Theory reinforces this uptrend, with consistent higher highs and higher lows forming a solid foundation. The breakout from the prolonged consolidation zone (Wave 2) signals the continuation of Wave 1. This momentum aligns with classic market behavior observed in bullish trends, where upward price action accelerates after consolidation.
The next target lies at the 1.618 Fibonacci extension, near $103,600. Traders should monitor any retracements as potential opportunities for accumulation, especially around $74,000, which could act as a key support if a corrective wave emerges. The alignment of Dow Theory with Elliott Wave patterns underscores Bitcoin's bullish potential in this phase.
Related publications
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.