Technical analysis by Sadegh_Sh about Symbol BTC: Buy recommendation (5/24/2024)

Hello dear friends, I hope you are doing well. It took a long time to identify the structure of this prolonged sideways movement. I watched many videos and referred to my notes, and this has been very helpful.The current wave structure in which Bitcoin is moving sideways is a flat pattern. This structure typically occurs in Wave 4 of Elliott Waves. What is a Flat?A flat is a corrective wave pattern in Elliott Wave theory that consists of three phases labeled as ABC:------------- Wave A consists of 3 waves.------------- Wave B consists of 3 waves.------------- Wave C consists of 5 waves.------------In general, the movement pattern of this structure is 3-3-5.------------After the pattern is complete, a breakout to the upside usually occurs (since Bitcoin was in an uptrend before this).Sometimes this pattern can combine in a double or triple formation, which we will review below:Double Flats:Double flats can be divided into three categories:1. Flat + Flat2. Flat + Zigzag3. Flat + Triangle--------------To connect them, an X wave is needed, which also has a 3-wave structure.--------------Conclusion:If the top of this flat is broken, Wave 5 movement will begin. If the top is not broken and the correction continues, it means this upward movement was Wave X, and we should expect a larger flat, zigzag, or triangle pattern.Once the structure is identified, the chart will be updated.In my opinion, Bitcoin will move towards the $73,000 resistance level with this same pattern. After breaking $73,000, it will reach the range of $86,000.Be cautious with your positions.