Bitcoin/U.S. Dollar Elliott Wave Analysis – TradingLounge Daily Chart

BTCUSD Pair Daily Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Wave IV

Wave Cancelation Level: Not specified

Details: The ongoing decline in wave IV is showing signs of completion. Bitcoin is likely to re-enter its uptrend soon.

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

The wave IV correction seems to be finishing, and the price is positioned to resume its upward movement. This presents a potential opportunity to join the wave V uptrend.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators

• The price is currently above the 200-day moving average (MA200), suggesting a bullish trend.

• The Wave Oscillator, however, shows signs of bearish momentum.

BTCUSD Elliott Wave Analysis – TradingLounge H4 Chart

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

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Wave (2)

Wave Cancelation Level: Not specified

Details: The wave (2) correction appears to be ending, indicating that Bitcoin may soon continue its upward trend.

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

The completion of wave (2) correction suggests an upcoming move to the upside. Traders should look for opportunities to enter the wave (3) uptrend.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators

• The price is positioned above the 200-day moving average (MA200), signaling a bullish trend.

• The Wave Oscillator indicates bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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