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iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis [Video]

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis [Video]

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis

Technical analysis overview

Analysis details

  • The bullish trend is currently on pause as wave [iv] continues to develop.

  • Minimum Fibonacci levels have been reached, signaling that the major trend resumption is likely approaching.

  • The lower boundary of the Kennedy Base Channel has been broken, which could serve as an early warning for potential alternative scenarios.

  • Once the WXY structure completes, a long position at the break of the 38.2% Fibonacci level could be an optimal entry point for retail traders.

  • New all-time highs are anticipated once the correction phase concludes.

  • Invalidation Level: High of wave [i] (Minute Degree – Navy)

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis

Technical analysis overview

  • Function: Minor Trend (Minute Degree – Navy).

  • Mode: Corrective.

  • Structure: Double Zigzag.

  • Position: Wave c of (y) of [iv].

  • Direction: Decline.

Analysis details

  • minor decline is expected before wave [iv] correction concludes.

  • Shortly after, bullish momentum is likely to return, pushing prices above the $61.06 high.

  • The 50% Fibonacci level is the next key target and could serve as the stopping point of the decline.

  • Invalidation Level: High of wave [i]

Conclusion

The summary of the Elliott Wave analysis indicates:

  • The wave decline is in its final phase, and completion is expected within the week.

  • Once the correction phase ends, the market is likely to rally, surpassing the $61.06 high.

  • Traders must adhere to Elliott Wave principles and track invalidation levels to minimize avoidable losses.

iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis [Video]

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