Bitcoin (BTC/USD) buying the dips after Elliott Wave double three - FXStreet

Bitcoin (BTC/USD) buying the dips after Elliott Wave double three  FXStreet

Bitcoin (BTC/USD) buying the dips after Elliott Wave double three - FXStreet
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BTCUSD is currently d0ing a wave (4) correction, unfolding in a 7-swing pattern. The pullback is identified with WXY red labeling. The first leg, W red, exhibits a clear 3-wave structure ((a))((b))(c)) black, followed by a 3-wave bounce in X red. Consequently, we anticipate the pullback to evolve as a Double Three pattern, indicating a projection of 3 waves in Y red as well. As of now, the structure remains incomplete. BTCUSD should ideally see another leg down toward the buying zone: 59644.73 to 56551.93. We expect the crypto to rally from there toward new highs or alternatively in a 3-wave bounce. Once the price retraces to the 50% Fibonacci level against the X red connector, we’ll secure positions, set the stop loss at breakeven, and take partial profits.



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