BTCUSD Elliott Wave Analysis – TradingLounge Daily Chart

Bitcoin/U.S. Dollar (BTCUSD)

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:

Details: The decline in Wave IV is likely nearing its end, and BTCUSD may soon re-enter the uptrend.

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

The correction in Wave IV appears to be complete, suggesting the price is likely to move higher. Traders should look for opportunities to enter the upcoming Wave V uptrend.

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

• The price is trading above the MA200, signaling an uptrend.

• The Wave Oscillator shows bearish momentum.

BTCUSD Elliott Wave Analysis – 4-Hour Chart

Bitcoin/U.S. Dollar (BTCUSD)

BTCUSD Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction (Next Higher Degree): Wave (2)

Wave Cancel/Invalid Level:

Details: The correction in Wave (2) is likely nearing completion, indicating that BTCUSD may soon resume its uptrend.

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

Wave (2) correction looks to be complete, and the price is expected to move up. Traders should seek opportunities to enter the anticipated Wave (3) uptrend.

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

• The price remains above the MA200, indicating a continued uptrend.

• The Wave Oscillator signals bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

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

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