Technical analysis by Erald1 about Symbol BTC: Buy recommendation (5/30/2024)

The chart depicts a BTC/USDT (Bitcoin/USDT) 4-hour analysis using Elliott Wave Theory, showing a completed 5-wave impulse followed by an ABC correction and a new impulse wave forming. The current price is around 68,020.3 USDT, and wave 4 appears to be forming a triangle pattern, indicating a consolidation before a potential bullish wave 5. Fibonacci retracement and extension levels are used to project possible target zones for wave 5, ranging from 78,623.6 to 94,889.7 USDT, suggesting a bullish outlook once wave 4 completes.