Bitcoin

Ethereum

Solana

<h2 id="header-0">Bitcoin Elliott Wave Analysis: Is a Sharp Drop on the Horizon?</h2><p>As Bitcoin continues its dynamic journey through the markets, <a href="https://in.tradingview.com/chart/BTCUSDT/jqULp9Ih-Bitcoin-Elliott-Wave-Breakdown-Sharp-Drop-Ahead/" rel="noopener noreferrer nofollow">technical analysis</a>points to a potential pullback that traders should keep on their radar. Using the Elliott Wave Theory, we can glean insights into the possible patterns shaping Bitcoin&#39;s trajectory and plan accordingly.</p><h3 id="current-elliott-wave-insights">Current Elliott Wave Insights</h3><p>Bitcoin appears to be forming an Expanding Diagonal (ED) in Wave 3, a pattern that often precedes a corrective phase. One notable observation is the relatively shallow nature of Wave 2, which suggests caution for traders holding long positions. While bullish momentum has been dominant, this setup could signal a retracement before Bitcoin resumes its upward climb.</p><p><img src="https://firebasestorage.googleapis.com/v0/b/cryptopatelnew.appspot.com/o/b257a745-70eb-4daa-ad71-08ee2093de7d?alt&#61;media" /></p><h3 id="scalp-short-opportunity">Scalp Short Opportunity</h3><p>For traders looking to capitalize on shorter-term movements, here&#39;s a potential scalp short setup:</p><p><strong>Entry Zone:</strong> $106,000–$108,000</p><p><strong>Targets:</strong></p><ol><li>0.382 Fibonacci Retracement: $90,048</li><li>0.5 Fibonacci Retracement: $85,063</li></ol><p><strong>Stop-Loss:</strong> A 4-hour close above the recent all-time high (ATH)</p><p>While this setup is enticing, tight risk management is essential. Avoid high leverage and set stops carefully to mitigate potential losses.</p><h3 id="risk-and-strategy-considerations">Risk and Strategy Considerations</h3><p>It’s crucial to approach this market scenario with a balanced mindset. While the possibility of a pullback is supported by technical patterns, bullish momentum remains strong, and abrupt reversals are always a possibility in cryptocurrency markets. <a href="https://t.me/OfficialCryptoPatel/3965" rel="noopener noreferrer nofollow">Traders should</a>:</p><ul><li>Use small position sizes to manage risk effectively.</li><li>Avoid over-leveraging, as market volatility can amplify losses.</li><li>Wait for clear corrective patterns before re-entering long positions.</li></ul><h3 id="conclusion">Conclusion</h3><p>Bitcoin&#39;s current <a href="https://x.com/CryptoPatel/status/1869238409908326566" rel="noopener noreferrer nofollow">Elliott Wave structure</a> suggests a potential pullback, presenting opportunities for both short-term scalps and longer-term positioning. However, as always, thorough research and careful planning are key. The crypto market is as unpredictable as it is rewarding, and staying informed is your best defense against unnecessary risk.</p><p>Stay vigilant and trade wisely. The market rewards those who plan, prepare, and remain disciplined.</p><p><strong>Join Social For Techical Analysis Charts Updates-</strong></p><p><a href="https://t.me/OfficialCryptoPatel" rel="noopener noreferrer nofollow">Telegram</a></p><p><a href="https://x.com/CryptoPatel" rel="noopener noreferrer nofollow">Twitter</a></p><p><a href="https://coinmarketcap.com/community/profile/CryptoPatel/" rel="noopener noreferrer nofollow">CoinMarketCap Comminity</a></p>

Bitcoin Elliott Wave Breakdown: Is a Pullback Imminent?

Table of Contents

Crypto Patel

Other articles published on Dec 18, 2024

MicroStrategy to pause Bitcoin purchases in January

Brian Quintenz Emerges as Front-Runner for CFTC Chair Role Under Trump

Crypto News Today (Dec 18, 2024): Binance Announces Delisting of WRX, AKRO, and BLZ

Hong Kong Traders Fair 2024 Ends on a High Note, Celebrating a Year of Success and Inspiration

Too Late to Buy Neiro at Its Initial Price? BTFD Coin Could Be Your Best Bet with Its Irresistibl...

dTRINITY Launches Subsidized Stablecoin Lending Protocol on Fraxtal L2 (18 Dec)

Join our free newsletter for daily crypto updates!