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 in Higher Degrees: Wave IV
Wave Invalid Level: [To be defined based on next price moves]
Analysis Summary: The decline in Wave IV appears to be nearing completion, suggesting a potential shift as BTCUSD re-enters an uptrend phase.
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy
- Outlook: With the Wave IV correction likely concluded, the focus is now on a possible five-wave rally within Wave V.
- Action: Price action shows an uptrend resumption, highlighting a promising re-entry point for trend continuation.
Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators
- MA200: Price positioning above the 200-day moving average, confirming the uptrend.
- Wave Oscillator: Displays bullish momentum, further supporting upward movement expectations.
BTCUSD Elliott Wave Technical Analysis - TradingLounge 4-Hour Chart
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction in Higher Degrees: Wave (2)
Wave Invalid Level: [To be confirmed based on trend shifts]
Detailed Analysis: The corrective Wave (2) appears to be approaching its end, suggesting BTCUSD may soon resume its upward trend.
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy
- Outlook: With the Wave (2) correction ending, attention shifts toward a possible five-wave rally in Wave (3), indicating a potential trend re-entry opportunity.
- Action: Price action sustains an upward trajectory, showing favorable conditions for trend continuation.
Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators
- MA200: Price remains above the 200-day moving average, solidifying the uptrend indication.
- Wave Oscillator: Reflects bullish momentum, further backing a positive outlook for BTCUSD.
Technical Analyst: Kittiampon Somboonsod
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