Weekend BTC Update: Is Elliott Wave 3 Underway?

Weekend BTC Update: Is Elliott Wave 3 Underway?
Hey everyone,

The weekend is here, and BTC is moving exactly as per our recent analysis. This post is a quick update on the current trend and a potential trading strategy based on Technical Analysis, specifically the Elliott Wave Theory.

Elliott Wave Analysis: Is Wave 3 Here?
Looking at the H4 chart, we are anticipating the start of a new Elliott Wave structure, and Wave 3 appears to be forming. This is a crucial signal for traders looking for a solid entry.

For this trend to continue, the key condition is that the support zone at $119.35k must hold.

If this level remains unbroken, we can confidently look for Long positions on BTC.

Simple & Effective Trading Strategy
Based on this scenario, here's how you can plan your trade:

Entry Point: Wait for the price to retest (come back to) the support zone near $119.35k.

Stop Loss: Place your stop loss just below this level, approximately 100 BTC points away to manage your risk.

Take Profit Target 1: Wave 3 is expected to push BTC towards the $115k zone to fill the previously formed market gap. After this, a Wave 4 pullback may begin.

The Big Opportunity: Wave 5
Wave 5 is typically a high-volume, high-liquidity move in Elliott Wave theory. For traders who prefer a safer approach with a longer-term take profit target, it's wise to wait and enter a position during Wave 5.

A Trader's Reminder
In a global market with so much geopolitical uncertainty, sticking purely to Technical Analysis is a great way to stay disciplined. It helps us avoid FOMO (Fear of Missing Out) and make objective, data-driven decisions.

Always practice sound risk management. Happy trading, and may your weekend be profitable!