BTC/USDT: Preparing for Wave 5 in the Elliott Wave Cycle on 1H C
2024-10-22

The BTC/USDT pair on the 1H timeframe shows a classic Elliott Wave cycle, with Wave 4 appearing to have been completed and Wave 5 potentially about to start.

Technical Analysis:
Elliott Wave: According to Elliott Wave Theory, after Wave 4 (a corrective wave) completes, the market often enters Wave 5, which is usually the final bullish wave before a larger correction.
RSI: The RSI is currently below 50 and is recovering from the oversold zone, indicating potential for an upward move, aligning with the anticipated Wave 5.
Bollinger Bands: The price is near the lower band of the Bollinger Bands, suggesting a potential rebound towards the middle or upper band in the short term.
Trading Plan:
Entry: Wait for a confirmed breakout above the peak of Wave 4 with increased trading volume to confirm the uptrend.
Take Profit (TP): The target for Wave 5 is expected in the 72,000 - 75,000 USDT range, based on Elliott Wave structure and previous resistance levels.
Stop Loss: Place it below the bottom of Wave 4, around 66,800 USDT, to minimize risk.
Note:
Trading based on Elliott Waves can be highly rewarding, but there is also potential for misinterpretation, especially if Wave 4 extends into a more complex corrective structure. Closely monitor indicators and volume for confirmation of the move.