TradingLounge BTCUSD Elliott Wave Analysis – Daily Chart

Bitcoin/U.S. Dollar (BTCUSD) Daily Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree: Wave IV

Wave Invalidation Level:

Details: The decline in Wave IV appears to be nearing its end, indicating that the price may soon resume its upward trend.

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy:

The ongoing fourth wave correction might not be complete, with a potential drop to test the 48,918 level. Traders should wait for the correction to conclude before seeking opportunities to enter the trend during the fifth wave.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price remains below the MA200, suggesting a downtrend, while the Wave Oscillator signals Bearish Momentum.

TradingLounge BTCUSD Elliott Wave Analysis – 4-Hour Chart

Bitcoin/U.S. Dollar (BTCUSD) 4-Hour Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave B

Next Higher Degree: Wave (2)

Wave Invalidation Level:

Details: Wave (2) is anticipated to retrace 61.8% of Wave (1).

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy:

Similar to the daily chart, the fourth wave correction seems incomplete, and a price drop towards the 48,918 level is likely. Wait for this correction to end before re-entering the market in the fifth wave.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price remains below the MA200, indicating a downtrend, and the Wave Oscillator continues to show Bearish Momentum.

Technical Analyst:  Kittiampon Somboonsod

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See Previous: VeChain / U.S. Dollar (VETUSD) Elliott Wave Technical Analysis

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