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 (3)

Direction Next Higher Degree: Wave V

Wave Cancel Invalid Level:

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

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

Wave (3) seems to have concluded, with the price now transitioning into a correction phase in Wave (4). Traders are advised to wait for this correction phase to finalize before re-entering the trend.

BTCUSD Elliott Wave Analysis – TradingLounge 4-Hour Chart

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

BTCUSD Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (4)

Direction Next Higher Degree: Wave ((3))

Wave Cancel Invalid Level:

Details: Retracement of Wave (4) is anticipated before another upward movement in Wave (5).

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

Wave (3) appears to have completed, and the price is now entering a corrective phase in Wave (4). Traders should monitor the correction and prepare to align with the trend once it resumes.

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

• The price is trading above the MA200, suggesting a sustained uptrend.
• The Wave Oscillator indicates bullish momentum, reinforcing the uptrend narrative.

Technical Analyst: Kittiampon Somboonsod

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

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