BTCUSD Elliott Wave Analysis TradingLounge Day Chart

Bitcoin/ U.S. Dollar (BTCUSD) Day Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave V

Direction (Next Higher Degree): Wave (I)

Wave Cancel Invalid Level: —

Details:
The five-wave advance in Wave V appears to mirror the structure of Wave I.

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

Overview:
Bitcoin maintains its upward trajectory with an ongoing impulsive rally. Currently, it is in the fifth wave, which remains incomplete, suggesting further price appreciation. Monitor for a potential rebound as the uptrend continues.

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

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

• The Wave Oscillator confirms bullish momentum.

BTCUSD Elliott Wave Analysis 4-Hour Chart

Bitcoin/ U.S. Dollar (BTCUSD)

BTCUSD Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction (Next Higher Degree): Wave ((3))

Wave Cancel Invalid Level: —

Details:
The five-wave advance reflects the progression of Wave (3).

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

Overview:
Bitcoin's uptrend remains intact, supported by an impulsive rally. Currently, the asset is in the fifth wave of the impulse, which is yet to complete, pointing to further upside potential. Look for rebounds as the uptrend persists.

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

• The price is positioned above the MA200, confirming a strong upward trend.

• The Wave Oscillator demonstrates bullish momentum.

Technical Analyst: Malik Awais

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