Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of BTCUSD published in members area of the website. As our members know Bitcoin has given us 3 waves pull back recently that found buyers right at the equal legs area. We have been favoring the long side due to impulsive bullish sequences the crypto is showing. In further text we’re going to explain the short term Elliott Wave forecast.
BTCUSD Elliott Wave 1 Hour Chart 01.31.2024
Current view suggests Bitcoin ended cycle from the 38518.29 low as wave 1 red. We got 5 waves up in the rally from the mentioned low. Currently the crypto is doing intraday pull back , wave 2 red. Correction looks incomplete at the moment. We expect to see another leg down ((c)) of 2 to complete the structure.
Note: Keep in mind not every chart is trading recommendation. 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 inside the membership area.
BTCUSD Elliott Wave 1 Hour Chart 02.01.2024
Pull back made another leg down and reached equal legs area at 42224.93-41276.92. We expect buyers to appear for further rally or 3 waves bounce at least. Don’t recommend selling and prefer the long side.
BTCUSD Elliott Wave 1 Hour Chart 02.02.2024
BTCUSD found buyers at the marked equal legs area as expected and we got good reaction from there. We count pull back completed at 41873 low. Short term rally made 5 waves up from the low, and now we are getting 3 waves pull back in (ii) blue. We don’t recommend selling in any proposed pull back. The price should ideally hold above 41873 low to keep proposed view intact. We would like to see break above ((i)) black peak 43851 to confirm next leg up is in progress.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels 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
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page
Over the years, we’ve developed a proven trading strategy that combines this approach. It helps to define precise Entry, Stop Loss, and Take Profit levels, allowing you to enter trades with confidence. Even better, this strategy helps make your positions risk-free shortly after entering, providing added protection for your trading account.
Elliott Wave Forecast Membership
Trade with a clear plan — not guesswork.
At Elliott Wave Forecast, our team of professional analysts monitors 78 instruments across global markets every day, helping members identify high-probability opportunities and manage risk through a structured, rules-based trading process.
Inside your membership, you’ll receive:
✅ Real-Time Trading Recommendations — with clearly defined Entry, Stop Loss, and Take Profit levels for each setup.
✅ Live Trading Room Access — follow professional trade setups as they develop in real time.
✅ 24-Hour Chat Room Support — ask unlimited questions and receive guidance from experienced analysts throughout the trading week.
✅ Expert Multi-Market Analysis — covering Forex, Stocks, Indices, ETFs, Commodities, and Cryptocurrencies.
✅ Exclusive Educational Videos — included at no additional cost, with practical lessons on Elliott Wave theory, trading strategies, risk management, and trade execution.
✅ Learn the Process Behind Every Setup — understand how experienced analysts identify opportunities, define risk, and manage trades as market conditions evolve.
Ready to see how the process works in real market conditions?
Regular 14-Day Trial: $9.99
Limited-Time Price: Only $0.99
👉 Start Your 14-Day Trial for Only $0.99
