Based on technical analysis BTC/USD Elliott Wave Forecast, the bullish trend is present in BTC/USD pair. Time frame is 4 hours chart, based on BTC/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of BTC/USD pair is going to rise up to prints a Bullish Impulse wave Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.
Strong key support level is present at 6466.05 price area which is termination point of Bullish impulse wave i leg. In my judgment, price action in BTC/USD pair is now going to move sideways. Next expect further rise in price action to complete a Bullish Impulse wave pattern – wave iii. So, market is going to remain bullish on a short term to medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, current Bullish trend is part of a Bullish Elliott wave pattern, wave C leg in higher time frame.
Currently, Bullish impulse Elliott wave pattern, wave iii leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join up trend around 8908.70 price area. However; if price of BTC/USD pair breaks below 6466.05 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade market and re-do BTC/USD Elliott wave analysis in four hours chart.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is bullish in higher time frame of BTC/USD pair.
Below is the daily chart of BTC/USD pair with my Elliott wave forecast which shows us a big picture and a bit weak bullish trend.
👉 ***Want to earn money with Bitcoin and other Cryptocurrencies without the pain and hassle of learning to trade from scratch? Imagine if you could trade and get regular results with profitable performance! Are you tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard-earned funds? If any of that rings true with you, then STOP EVERYTHING. ProfitFarmers is for you! With their software working as your Crypto Co-Pilot, YOU remain as the Pilot with total control over your money, 100% of the time. ProfitFarmers is a trading tool that combines artificial intelligence with the expertise of veteran traders to deliver high-probability trade plans right into your hands. There’s no need to spend hours trying to figure out what to trade! Thanks to their integration with Binance, the biggest cryptocurrency exchange worldwide, ProfitFarmers executes your trades from entry to exit, you just choose the trade signals you like, pick your entry price and then let your Co-pilot take over the rest of the journey. Stay informed about every step of your money-making journey through push-notifications on their mobile app. Now there’s no need to constantly worry about your ongoing trades, just let your Co-Pilot handle it for you! This could easily be the holy grail of trading tools. Forget paying a guru to trade for you and take a massive cut of what you earn. With ProfitFarmers there are absolutely NO COMMISSIONS OR FEES ON YOUR TRADES. 100% of what you earn is 100% yours to keep. Period. Last quarter, ProfitFarmers produced 1,357 trade plans, and more than 60% of them offered peak gains of over +8%. By joining ProfitFarmers, you’ll never be short on money-making opportunities. Still wondering if this is too good to be true? ProfitFarmers has a 100% Money-Back Guarantee if they don’t deliver profitable opportunities onto their platform. If you are ready to upgrade your trading game and instantly expose yourself to profitable trade opportunities, now is the time. Head to ProfitFarmers now to start trading the easier way, with your very own Crypto Co-Pilot.PS: ProfitFarmers is a Trading Tool. Your money ALWAYS remains in your Binance wallet, never on ProfitFarmers. 100% Verified and Recommended by Valforex.com.
To me; price have printed Bearish corrective wave 2 leg which has ended. So, expect price action in BTC/USD pair to rise up more to complete motive wave pattern. Next, price is going to prints a medium term top as well. Within Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5,3 and 5 waves pattern.
The following Elliott Wave Bullish Impulse wave pattern diagram shows us a completed Bullish Impulse wave pattern within the frame work of Elliott wave principle.
The Bullish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bullish Impulse wave consists of total five waves. Three bullish legs in the favour of an up trend. And two bearish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5. Inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern. It appears at a trending market environment and moves in the favour of larger upward market trend.
Based on my BTC/USD using Elliott Wave in daily chart, we have got a completed bearish wave 2 leg. So, market is now going to rise up to prints bullish Impulse wave 3 leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways. Next, expects a bullish leg in market to take the price towards new highs as bearish Wave 2 has completed.
To me; in four hours chart of BTC/USD pair the bearish wave ii leg which is part of a higher degree wave 3 motive wave pattern in daily chart is just a bearish pull back in an up trend. As mentioned above as Bearish Zig Zag leg inside a 4 hours chart.
Strong key support level is present at 3134.39 price area in BTC/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish trend after that in BTC/USD pair, in daily chart.
Now, when an existing Bullish Elliott Wave Weekly Forecast in BTC/USD is going to fail?
Well, the forecast is good for about next two weeks time. And price should stays above 3134.39 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 3134.39 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze BTC/USD daily chart.
Based on BTC/USD Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 10224.30 price area. As price action is going to rise up towards 14099.50. But a clear bearish break down in price action below 3134.39 vital support area will end up trend. On a medium term basis, it is a bullish trend in BTC/USD 4 hours time frame.
A good idea is to take a buy trade around 8908.70 price level. Next, price is probably going to rise up more towards 10055.44 price level. However; if price of BTC/USD pair breaks below 6466.05 vital support level then bullish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.