BTCUSD morning update

Technical analysis of BTCUSD.

This count has price in wave ((2)) of iii.

Wave ((1)) of iii completed in March 2024.

Wave ((2)) could be seen as a regular flat or a zigzag, depending on how you count wave ((A)).

Wave ((2)) could also be seen as a more-traditional "cup-and-handle" pattern, with the handle being formed now.

From an Elliott Wave perspective, if this count proves correct, wave ((C)) would be in progress and the ~58.5k price area would seem to be a good place to go long. Wave ((A)) projected on the wave ((C)) is at the .618 around 58.5k, and 58.5k is about where the .618 projection is from the top of wave ((B)) to the bottom of wave ((A)).

If the wave ((C)) impulse is fast enough, the median line of the pitchfork would be tagged in the 58.5k area as well.