HomeContributorsTechnical AnalysisBitcoin Perfect Reaction Higher From Blue Box Area

Bitcoin Perfect Reaction Higher From Blue Box Area

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Bitcoin ticker symbol: $BTCUSD. We presented to members at the elliottwave-forecast. In which, the rally from the 11 September 2023 low is unfolding as an impulse structure. Showing a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the crypto & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Bitcoin 1-Hour Elliott Wave Chart From 3.18.2024

Here’s the 1-hour Elliott wave chart from the 3/18/2024 NY Midday update. In which, the short-term cycle from the 1/23/2024 low ended in wave (3) at $73814 high. Down from there, the BTCUSD made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave W ended at $65595 low. Wave X bounce ended at $70640 high and wave Y managed to reach the blue box area at $62334- $60378. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

BTCUSD Latest 1-Hour Elliott Wave Chart From 3.26.2024

This is the latest 1-hour Elliott wave Chart from the 3/26/2024 Asia update. In which the Bitcoin is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $73814 high is still needed to confirm the next extension higher towards $73822- $76901 & avoid a double correction lower.

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading