BTCUSD Elliott Wave Analysis - TradingLounge 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
- Invalidation Level: N/A
- Details: The decline in Wave IV appears to be concluding, suggesting the price is likely to resume its uptrend.
Bitcoin / U.S. Dollar (BTCUSD) Crypto Trading Strategy:
With the Wave IV correction potentially complete, traders should consider entering long positions during short-term pullbacks.
Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators:
The price trades below the 200-day Moving Average (MA200), indicating a bearish trend. The Wave Oscillator reflects bearish momentum.
Bitcoin / U.S. Dollar Elliott Wave Analysis - TradingLounge 4H Chart
(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)
- Invalidation Level: N/A
- Details: Wave (2) is likely to retrace to the 61.8% Fibonacci level of Wave (1).
Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy:
With the Wave IV correction seemingly complete, traders should look for opportunities to join the trend during short-term pullbacks.
Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators:
The price is below the 200-period Moving Average (MA200), confirming a downtrend. The Wave Oscillator signals bearish momentum.
Technical Analyst: Kittiampon Somboonsod
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