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Elliott Forecast
Hendra Lau

Bitcoin (BTCUSD) Buying the Dips After Elliott Wave Double Three

 

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Hello fellow traders. In this technical article we’re going to take a look at the  charts of Bitcoin BTCUSD published in members area of the website. Our members are aware of the numerous positive trading setups we’ve had in the crypto market recently. One of them is BTCUSD, which experienced a pullback, unfolding as an Elliott Wave Double Three Pattern. It completed clear 7 swings from the peak on March 14th and concluded the correction right at the Equal Legs zone (Blue Box Area). In the following text, we’ll delve into the Elliott Wave pattern and trading setup.

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

BTCUSD H4 weekend update 04.14.2024

BTCUSD is currently d0ing a wave (4) correction, unfolding in a 7-swing pattern. The pullback is identified with WXY red labeling. The first leg, W red, exhibits a clear 3-wave structure ((a))((b))(c)) black, followed by a 3-wave bounce in X red. Consequently, we anticipate the pullback to evolve as a Double Three pattern, indicating a projection of 3 waves in Y red as well. As of now, the structure remains incomplete. BTCUSD should ideally see another leg down toward the buying zone: 59644.73 to 56551.93. We expect the crypto to rally from there toward new highs or alternatively in a 3-wave bounce. Once the price retraces to the 50% Fibonacci level against the X red connector, we’ll secure positions, set the stop loss at breakeven, and take partial profits.

 

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing 

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. ????

BTCUSD H4 update 04.21.2024

Bitcoin found buyers as expected. It made decent rally from the Blue Box. Bounce already reached 50 fibs against the X red connector which confirms cycle from the peak is done. Consequently, any long positions from the equal legs area are risk free by now and we have taken partial profits. We call wave (4) completed at the 59507.9 low.

Keep in mind  not every chart is trading recommendation. You can check most recent charts and new trading setups 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 .

Elliott Wave Forecast

Thank you for exploring our Trading Setup of BTCUSD with us. While we provide insights on 78 instruments, it’s important to note that not every chart is a trading recommendation. For our official trading recommendations, join us in our Live Trading Room where we provide actionable insights in real-time. If you’re not yet a member, take advantage of our  now to access new trading opportunities.

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Source:-forecast.com/cryptos/bitcoin-btcusd-elliott-wave-double-three-3/

24/04/2024 3 EN
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Elliott Forecast
Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a 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 FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. 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, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

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