BTCUSD Elliott Wave Analysis TradingLounge 1D Chart

Bitcoin/ U.S. Dollar (BTCUSD) 1Day 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: N/A

Details: Wave IV's decline appears to be nearing its end, signaling the potential resumption of the upward trend.

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

It seems that the Wave IV correction has completed, and the price is showing signs of upward movement. Look for opportunities to enter the market as the Wave V uptrend begins.

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

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

• The Wave Oscillator currently reflects bearish momentum.

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

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: N/A

Details: Wave (2) appears to be concluding, signaling the potential return of the uptrend.

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

The corrective Wave (2) seems to be complete, and the price may be positioned for an upward move. Consider entering positions to capitalize on the emerging Wave (3) uptrend.

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

• The price is trading above the MA200, indicating a bullish market sentiment.

• The Wave Oscillator shows bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

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