29Oct

BTCUSD Forecast: Elliott Wave Technical Analysis and Key Signals for Bitcoin’s Uptrend

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-1d-Crypto-Cha...


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

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

Previous: DOGEUSD Elliott Wave Technical Analysis 

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

BTCUSD-1d-Crypto-Cha...

Related

Forex Market Movement and Trading Decisions With Our in-depth U.S. Dollar /Swiss Franc (USDCHF) Elliott Wave Technical Analysis

Forex Market Movement and Trading Decisions With Our in-depth U.S. Dollar /Swiss Franc (USDCHF) Elliott Wave Technical Analysis

Our in-depth USDCHF Elliott Wave Analysis covers daily and 4-hour charts, highlighting key trends, i...

Read More >
SP500 & NASDAQ Insights: AAPL, AMZN, NVDA, TSLA, and More with Elliott Wave

SP500 & NASDAQ Insights: AAPL, AMZN, NVDA, TSLA, and More with Elliott Wave

### Summary The SP500 and NASDAQ are likely in the final stages of Wave iv), with no significant ...

Read More >
ASX Trading Success: REA GROUP LTD – REA Stock Analysis & Elliott Wave Technical Forecast

ASX Trading Success: REA GROUP LTD – REA Stock Analysis & Elliott Wave Technical Forecast

This article provides an in-depth Elliott Wave analysis of REA Group Ltd on the Australian Stock Exc...

Read More >
Understand Today Ripple Crypto Price movements and market trends - XRPUSD Elliott Wave Technical Analysis

Understand Today Ripple Crypto Price movements and market trends - XRPUSD Elliott Wave Technical Analysis

Explore comprehensive XRPUSD Elliott Wave analysis to understand Ripple's price movements and ma...

Read More >
Elliott Wave Technical Analysis for State Bank of India (SBI) Stock: Predicting Future Price Movements and Key Trading Levels

Elliott Wave Technical Analysis for State Bank of India (SBI) Stock: Predicting Future Price Movements and Key Trading Levels

This article provides a comprehensive Elliott Wave analysis of State Bank of India (SBI) stock. It c...

Read More >
Elliott Wave Analysis: Major Indices Poised for Potential Upswings Amid Key Economic Data Releases

Elliott Wave Analysis: Major Indices Poised for Potential Upswings Amid Key Economic Data Releases

S&P 500 (SPX): The Wave ii) low may be established, but confirmation is needed through a completed u...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on