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.
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.
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.
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