Elliott wave analysis of the market for July 16, 2026 BTCUSD
BTCUSD: BUY 65550, SL 64200, TP 75000.
The Bitcoin outlook has remained largely unchanged over the past trading session. After slightly breaking above the previous Wave 1 high, the price has paused. This is likely just a brief consolidation before the next leg of the uptrend begins.
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The current scenario still favors further upside as Wave 3 of the bullish impulse starts to unfold.
As a result, long positions continue to offer an attractive trading opportunity.
New positions may be considered on a breakout above the nearest local high at 65,550.
Investment idea: BUY 65550, SL 64200, TP 75000.
