Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of BTCUSD , presented in members area of the of our website. Recently BTCUSD has given us correction that has unfolded as Elliott Wave Double Three pattern. It has reached extreme area and made bounce there. In the further text we are going to explain the Elliott Wave pattern and Forecast.
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 1 Hour Elliott Wave Analysis 06.29.2023
Current view suggests Bitcoin remains bullish against the 24756 low. It’s giving us wave ((ii)) black pull back that is potentially unfolding as Double Three pattern. So far we got only 3 waves decline from the peak. Pull back is still shallow at the moment and we assume that BTCUSD has given us only first leg of proposed correction. Once connector (x) blue completes, we expect another 3 waves down in (y) blue wave. Target for ((ii)) black pull back will be equal legs (w)-(x). We don’t recommend selling.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
BTCUSD 1 Hour Elliott Wave Analysis 07.03.2023
BTCUSD completed (x) blue connector and gave us another leg down (y) blue as expected. The price reached extreme, equal legs (w)-(x) at 29682-28701 area. Bitcoin found buyers there and giving us turn higher. As far as the price stays above 29516 low, we can count wave ((ii)) pull back completed. If that low gives up, then doing another 3 waves down toward next set of equal legs.
Keep in mind that 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.
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