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Elliott Wave analysis points to possible BTCUSD pullback or rally
The technical view cites key levels at 76,463 and 0.764 Fibonacci support near 76,602, with an upside scenario targeting 82,662+ if BTCUSD clears a breakout point.
ActionForex.com published an Elliott Wave technical analysis for BTCUSD, saying Bitcoin has shown bullish impulsive sequences since an August 1 low, with the strongest segment labeled wave ((iii)) of 3.
The analysis also characterizes BTCUSD as being in a three-wave pullback, described as an Elliott Wave Double Three pattern labeled (w)-(x)-(y), with temporary support around the 0.764 Fibonacci extension of wave (w) relative to (x) near 76,602.
According to the scenarios laid out in the piece, as long as the pivot at the (x) connector remains intact, BTCUSD could push lower toward the 74,881 to 72,033 area, and a break below the 76,463 low would add confirmation.
The alternative case is that if BTCUSD holds above the 76,463 low and breaks above the (x) connector, the correction could be complete and Bitcoin may start wave ((v)), opening the door to a move toward the 82,662+ area.
Latest closeBitcoin $76,526.58 ▼1.1%