Elliott wave analysis of the market for August 11, 2026 BTCUSD
BTCUSD: BUY 65450, SL 63500, TP 75000
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Bitcoin is starting to come back to life. The price made a sharp move lower. As previously discussed, before resuming the broader uptrend, the market could attempt a manipulation move in the opposite direction. This may be exactly what we are seeing now.
The decline can therefore be interpreted as a false breakout. If so, buyers may become active in the near future and quickly push the price back toward the levels from which the decline began.
The uptrend should then resume and develop into an impulsive structure, as Wave 3 is expected to unfold.
For this reason, long positions may be considered once the price breaks above the nearest local high formed before the recent decline.
Investment idea: BUY 65450, SL 63500, TP 75000.
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