iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis
Technical analysis overview
Analysis details
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The bullish trend is currently on pause as wave [iv] continues to develop.
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Minimum Fibonacci levels have been reached, signaling that the major trend resumption is likely approaching.
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The lower boundary of the Kennedy Base Channel has been broken, which could serve as an early warning for potential alternative scenarios.
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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.
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New all-time highs are anticipated once the correction phase concludes.
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Invalidation Level: High of wave [i] (Minute Degree – Navy)
iShares Bitcoin Trust ETF (IBIT) – Elliott Wave technical analysis
Technical analysis overview
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Function: Minor Trend (Minute Degree – Navy).
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Mode: Corrective.
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Structure: Double Zigzag.
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Position: Wave c of (y) of [iv].
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Direction: Decline.
Analysis details
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A minor decline is expected before wave [iv] correction concludes.
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Shortly after, bullish momentum is likely to return, pushing prices above the $61.06 high.
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The 50% Fibonacci level is the next key target and could serve as the stopping point of the decline.
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Invalidation Level: High of wave [i]
Conclusion
The summary of the Elliott Wave analysis indicates:
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The wave decline is in its final phase, and completion is expected within the week.
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Once the correction phase ends, the market is likely to rally, surpassing the $61.06 high.
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Traders must adhere to Elliott Wave principles and track invalidation levels to minimize avoidable losses.