Elliott Wave View: 5 Swing Sequence in Bitcoin (BTCUSD) Favors Higher

Elliottwave_Forecast

Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests that rally from 8.5.2024 low is in 5 swing. As 5 swing is a motive sequence, this favors further upside in Bitcoin. 1 hour chart below shows the decline to 58,867 ended wave 2. The crypto-currency has extended higher in wave 3 with internal subdivision as a 5 waves impulse Elliott Wave. Up from wave 2, wave (i) ended at 63,455 and pullback in wave (ii) ended at 62,039. The crypto-currency extended higher in wave (iii) towards 67,922 and pullback in wave (iv) ended at 64,802. Final leg wave (v) ended at 69,487 which completed wave ((i)) in higher degree.

Pullback in wave ((ii)) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 66,559 and wave (b) rally ended at 67,784. Bitcoin then extended lower in wave (c) towards 65,000 which completed wave ((ii)) in higher degree. The crypto-currency has extended higher in wave ((iii)), but it still needs to break above wave ((i)) at 69,487 to rule out a double correction. Near term, as far as pivot at 58,867 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Bitcoin (BTCUSD) 60 Minutes Elliott Wave Chart

BTCUSD Elliott Wave Video

Source: https://elliottwave-forecast.com/news/elliott-wave-view-5-swing-sequence-bitcoin-btcusd-favors-higher/

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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As 5 swing is a motive sequence, this favors further upside in Bitcoin. 1 hour chart below shows the decline to 58,867 ended wave 2. The crypto-currency has extended higher in wave 3 with internal subdivision as a 5 waves impulse Elliott Wave. Up from wave 2, wave (i) ended at 63,455 and pullback in wave (ii) ended at 62,039. The crypto-currency extended higher in wave (iii) towards 67,922 and pullback in wave (iv) ended at 64,802. Final leg wave (v) ended at 69,487 which completed wave ((i)) in higher degree.</p>\n<p>Pullback in wave ((ii)) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 66,559 and wave (b) rally ended at 67,784. Bitcoin then extended lower in wave (c) towards 65,000 which completed wave ((ii)) in higher degree.&nbsp; The crypto-currency has extended higher in wave ((iii)), but it still needs to break above wave ((i)) at 69,487 to rule out a double correction. Near term, as far as pivot at 58,867 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.</p>\n<h2>Bitcoin (BTCUSD) 60 Minutes Elliott Wave Chart</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d22bdc3abf8b479d14e133f6cc6bba53\" tg-width=\"1827\" tg-height=\"892\"></p>\n<h2>BTCUSD Elliott Wave Video</h2>\n<video poster=\"https://community-static.tradeup.com/news/4dc9e7a044df0f5bcc619973789b3aea\" tg-width=\"640\" tg-height=\"360\" class=\"ql-video\" controls=\"true\" controlslist=\"nodownload\" playsinline=\"true\" webkit-playsinline=\"true\">\n <source src=\"https://1254107296.vod2.myqcloud.com/8a1ed91dvodsgp1254107296/cbe979d11397757891059863220/oZ4P61IatAoA.mp4\">\n</video>\n<p>Source: https://elliottwave-forecast.com/news/elliott-wave-view-5-swing-sequence-bitcoin-btcusd-favors-higher/</p></body></html>","htmlText":"<html><head></head><body><p>Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests that rally from 8.5.2024 low is in 5 swing. As 5 swing is a motive sequence, this favors further upside in Bitcoin. 1 hour chart below shows the decline to 58,867 ended wave 2. The crypto-currency has extended higher in wave 3 with internal subdivision as a 5 waves impulse Elliott Wave. Up from wave 2, wave (i) ended at 63,455 and pullback in wave (ii) ended at 62,039. The crypto-currency extended higher in wave (iii) towards 67,922 and pullback in wave (iv) ended at 64,802. Final leg wave (v) ended at 69,487 which completed wave ((i)) in higher degree.</p>\n<p>Pullback in wave ((ii)) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 66,559 and wave (b) rally ended at 67,784. Bitcoin then extended lower in wave (c) towards 65,000 which completed wave ((ii)) in higher degree.&nbsp; The crypto-currency has extended higher in wave ((iii)), but it still needs to break above wave ((i)) at 69,487 to rule out a double correction. Near term, as far as pivot at 58,867 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.</p>\n<h2>Bitcoin (BTCUSD) 60 Minutes Elliott Wave Chart</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d22bdc3abf8b479d14e133f6cc6bba53\" tg-width=\"1827\" tg-height=\"892\"></p>\n<h2>BTCUSD Elliott Wave Video</h2>\n<video poster=\"https://community-static.tradeup.com/news/4dc9e7a044df0f5bcc619973789b3aea\" tg-width=\"640\" tg-height=\"360\" class=\"ql-video\" controls=\"true\" controlslist=\"nodownload\" playsinline=\"true\" webkit-playsinline=\"true\">\n <source src=\"https://1254107296.vod2.myqcloud.com/8a1ed91dvodsgp1254107296/cbe979d11397757891059863220/oZ4P61IatAoA.mp4\">\n</video>\n<p>Source: https://elliottwave-forecast.com/news/elliott-wave-view-5-swing-sequence-bitcoin-btcusd-favors-higher/</p></body></html>","text":"Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests that rally from 8.5.2024 low is in 5 swing. As 5 swing is a motive sequence, this favors further upside in Bitcoin. 1 hour chart below shows the decline to 58,867 ended wave 2. The crypto-currency has extended higher in wave 3 with internal subdivision as a 5 waves impulse Elliott Wave. Up from wave 2, wave (i) ended at 63,455 and pullback in wave (ii) ended at 62,039. The crypto-currency extended higher in wave (iii) towards 67,922 and pullback in wave (iv) ended at 64,802. Final leg wave (v) ended at 69,487 which completed wave ((i)) in higher degree. Pullback in wave ((ii)) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 66,559 and wave (b) rally ended at 67,784. Bitcoin then extended lower in wave (c) towards 65,000 which completed wave ((ii)) in higher degree. The crypto-currency has extended higher in wave ((iii)), but it still needs to break above wave ((i)) at 69,487 to rule out a double correction. Near term, as far as pivot at 58,867 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. 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