Another instrument that we have been trading lately is Bitcoin ( $BTCUSD ) cryptocurrency from Group 2. In this technical blog we’re going to take a quick look at the Elliott Wave charts of BTCUSD, published in members area of the website. As our members know, BTCUSD has been showing incomplete impulsive sequences from the September 9834.4 low. Consequently we were calling for more strength in the Bitcoin, suggesting members to avoid selling it and keep buying the dips in 3,7,11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
BTCUSD 1 Hour Elliott Wave Analysis 12.8.2020
BTCUSD is bullish against the 16257.9 low in first degree. Cryptocurrency is giving us pull back wave 2 red that looks incomplete at this stage. We expect to see another leg down toward 17830.15-16725.87 ( buyers zone). From marked Blue Box area area we expect rally to take us toward new all-time highs ideally. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don’t recommend selling it. Strategy is buying the dips at the proposed blue box area.
BTCUSD 1 Hour Elliott Wave Analysis 12.11.2020
We got another leg down toward blue box area. With latest movement Count has been changed from Double Three to Zig Zag as it better fits with the current price action. Bitcoin is showing some reactions from the blue box band we see possibility wave 2 red is already done at 17686 low. However we would like to see further separation from the current short term low and ideally to see break above 1 red peak( 12/1) in order to confirm next leg up is in progress. We don’t recommend selling BTCU in any proposed pull back and favor the long side from the blue box. As the main trend is bullish, we should get 3 wave bounce at least from the Blue Box buyers zone.
BTCUSD 1 Hour Elliott Wave Analysis 12.21.2020
17686 low held nicely during the short term pull back and we got further rally toward new all-time highs as expected. BITCOIN broke 12/1 peak confirming next leg up is in progress. BTCUSD remains now bullish against the 12.21 low in first degree. As far as mentioned pivot holds, we expect pull backs to keep finding buyers in 3,7,11 swings.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room
Elliott Wave Forecast