Trading Plan for BTC: Long & Short Based on Elliott Wave Theory

I believe that in the coming weeks, we will see a larger correction in the BTC chart, bringing the price back to around $83,000. The pattern shown in the chart is a sub-chart of the larger timeframe and indicates an ongoing ABC correction, which is marked as impulsive waves 1, 2, 3, 4, 5 within Alternative 1.

Ideally, the price moves toward the black rectangle and then impulsively upward to complete a clean three-wave (A-B-C) structure. This movement could be an impulsive rally that significantly increases market potential. Alternatively, we could fall to the lower edge of the rectangle and form a bottom there. This consolidation would provide market participants with security and create a base for an impulsive rise.

The bottom formation is characterized by a diagonal triangle (A-B-C-D-E). After completing this bottoming process, an impulsive move is expected, marked as A on the chart. We will encounter a strong resistance zone indicated by wave B.

Further upward movement should continue within a three-part corrective structure marked as W-X-A-B-C on the chart.

That’s my analysis – feel free to share your opinions or correct me if needed!

BTCUSD