Bitcoin/ U.S. dollar (BTCUSD) Elliott Wave Analysis TradingLounge Daily Chart

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction (Next Higher Degree): Wave V

Wave Cancel Invalid Level: Not specified

Details:
The five-wave rise of Wave V is likely equivalent to Wave (I).

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

Wave (3) appears to have concluded, and the price is entering a corrective phase in Wave (4). Traders are advised to wait for the correction to complete before rejoining the trend.

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

• The price is currently above the MA200, signifying an ongoing uptrend.
• The Wave Oscillator indicates bullish momentum.

Bitcoin/ U.S. dollar (BTCUSD) Elliott Wave Analysis TradingLounge 4-Hour Chart

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (4)

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

Wave Cancel Invalid Level: Not specified

Details:
A retracement is occurring in Wave (4) before the price is expected to rise again in Wave (5).

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

Wave (3) appears to have concluded, and the price is entering a corrective phase in Wave (4). Traders should wait for this corrective phase to complete before rejoining the trend.

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

• The price is currently above the MA200, signaling an ongoing uptrend.
• The Wave Oscillator indicates bullish momentum.

Technical Analyst: Kittiampon Somboonsod

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