BTC-USDT | 1W Chart Elliott Wave Projection
2024-12-17
Category: None

BTCUSDT | Weekly Chart | Elliott Wave Theory & Key Zones 🚀  

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Analysis Overview 🔎

Bitcoin (BTC) is forming a **classic Elliott Wave structure** on the **1W timeframe**, signaling a potential long-term bullish move. Here's the breakdown:

1️⃣. Current Structure:  

   - Wave (3) peaked at ~$107,000, showing strong momentum.  
   - Wave (4) correction is expected to retrace toward the $95,000 - $97,000 support zone.  
   - This aligns with the *Fib retracement levels* and prior consolidation zones.

2️⃣. Projection 🎯

   - Wave (5) could target *$120,000 - $130,000* if BTC rebounds from the highlighted correction zone.  
   - The upper yellow trendline supports this bullish trajectory.

3️⃣. Key Levels 🗺️
 
   - Support (Wave 4): $95,000 - $98,000 (purple zone).  
   - Target (Wave 5): $118,000 - $121,000.  

4️⃣. Technical Indicators 📈

   - Price remains inside a strong *ascending channel*.  
   - Volume and momentum need confirmation upon correction.

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Trading Plan 📈

- Entry: Wait for price stabilization in the $95,000 - $98,000 zone.  
- Stop-Loss: Below $90,000 (invalidating the bullish structure).  
- Take-Profit: Gradually scale out between $118,000 and $121,000.  

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⚠️ Note: Always monitor volume, confirmation, and overall market conditions for risk management.

⚠️Disclaimer: This is not financial advice. Trade at your own risk and perform your own analysis before entering any positions.

#Bitcoin #BTC #Crypto #ElliottWave #TradingIdeas #TechnicalAnalysis** 🚀 

