BTCUSD Elliott Wave Analysis - TradingLounge Daily Chart
Bitcoin/ U.S. Dollar (BTCUSD) Crypto Pair Analysis
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next Higher Degree: Wave IV
Wave Cancel Invalid Level: N/A
Details: The decline of Wave IV appears to be ending, suggesting that BTCUSD may resume its upward momentum.
Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
The correction phase of Wave IV seems to be complete. Bitcoin is showing signs of re-entering an uptrend. Traders can look for opportunities to enter the market as Wave V begins its ascent.
Bitcoin/ U.S. Dollar (BTCUSD) Technical Indicators:
- The price is trading above the 200-day Moving Average (MA200), confirming an overall uptrend.
- The Wave Oscillator signals bearish momentum, indicating potential consolidation before further upward movement.
BTCUSD Elliott Wave Analysis - TradingLounge H4 Chart
Bitcoin/ U.S. Dollar (BTCUSD) Chart Technical Analysis
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next Higher Degree: Wave (2)
Wave Cancel Invalid Level: N/A
Details: Wave (2) correction seems to be nearing its end, and BTCUSD is likely preparing to move upward once again.
Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
With the completion of Wave (2) correction, BTCUSD could enter the Wave (3) uptrend. Traders should consider entering positions to take advantage of the upcoming bullish move.
Bitcoin/ U.S. Dollar (BTCUSD) Technical Indicators:
- The price remains above the MA200, indicating a prevailing uptrend.
- The Wave Oscillator points to bearish momentum, which might present a buying opportunity as the market corrects.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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