Posted on

Bitcoin (BTCUSD) wave analysis: 4 hr tf

Price action of Bitcoin (BTCUSD) from ~$6440.10 on April 01, 2018 to ~$9646.80 on April 24, 2018 is identified in this analysis to be a corrective price swing.  Price action at the time of this post is possibly in the last stage of a Minute wave ((c)) i.e. last leg of an expanded flat Elliott wave structure.

Elliott wave analysis of Bitcoin (BTCUSD)

The implication of the above is that a price move back upwards as a 3 waves or 5 waves is next for the price of Bitcoin (BTCUSD), and therefore only long (buy) trades should be placed.

Three points of entry (POE) into a long (buy) position are marked on the chart with POE 1 (~$8832.70) being the most aggressive, while POE 3 (~$9977.20) is the least aggressive approach to  enter a long (buy) position. POE 2 is ~ $9387.30.

Point of invalidation of this analysis (POI) is placed just below the blue horizontal lines which indicate a region of technical support for Bitcoin (BTCUSD). This region forms a price cluster with the 50% ($8043.5) and 61.8% retracement of price action from ~$6440.10 on April 01, 2018 to ~$9646.80.

The region of the blue horizontal line is therefore considered in this analysis to be a likely target for BItcoin (BTCUSD) should prices continue to decline.

 

One thought on “Bitcoin (BTCUSD) wave analysis: 4 hr tf

  1. […] My previous post on Bitcoin can be found here: […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.