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))
Direction (Next Higher Degrees): Wave IV
Wave Cancel Invalid Level: N/A
Details: The decline in Wave IV appears to be ending, and Bitcoin's price is likely to re-enter the uptrend.
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy:
The correction in Wave IV seems complete, and the price is expected to increase. Traders should look for an opportunity to join the uptrend in Wave V.
Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators:
- The price is trading above the MA200, signaling an uptrend.
- The Wave Oscillator is showing Bearish Momentum.
BTCUSD Elliott Wave Analysis - TradingLounge 4-Hour 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))
Direction (Next Higher Degrees): Wave (2)
Wave Cancel Invalid Level: N/A
Details: Wave (2) correction is nearing its end, with the price expected to re-enter the uptrend.
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy:
The correction in Wave (2) appears to be over, and the price is likely to continue upward. Look for an entry point into the Wave (3) uptrend.
Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators:
- The price remains above the MA200, indicating a sustained uptrend.
- The Wave Oscillator reflects Bearish Momentum.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: Uniswap/ U.S. Dollar (UNIUSD) Elliott Wave Technical Analysis
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