BTCUSD Elliott Wave Technical Analysis - TradingLounge 1-Day Chart
Bitcoin/U.S. Dollar (BTCUSD) Elliott Wave Technical Overview
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave (5)
Next Higher Degree: Wave ((3))
Wave Cancelation Level: N/A
Details:
The bullish Wave (5) target is derived from the Fibonacci Extension (0.618 of Wave 1-3), projecting a price level of 123,402.51.
BTCUSD Trading Strategy:
- The corrective Wave is expected to end around 89,396, with the internal sub-waves of Wave 5 continuing to develop.
- Fibonacci Extension (0.618 of Wave 1-3) sets the projected target for Wave (5) at 123,402.51.
Main Outlook:
- Primary Trend: The bullish trend persists, with an upper target of 123,402.51.
- Key Resistance Level: Watch for a breakout above 108,179.07, which could confirm further upside potential.
BTCUSD Elliott Wave Technical Analysis - TradingLounge 4-Hour Chart
Bitcoin/U.S. Dollar (BTCUSD) Elliott Wave Technical Overview
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave (5)
Next Higher Degree: Wave ((3))
Wave Cancelation Level: N/A
Details:
The uptrend remains intact, with the primary Wave (5) target at 123,402.51, with potential extensions reaching up to 125,815.67.
BTCUSD Trading Strategy:
- The correction Wave is projected to conclude at 89,396, with the Wave 5 sub-wave structure still unfolding.
- Fibonacci Extension (0.618 of Wave 1-3) places the target for Wave (5) at 123,402.51.
Main Outlook:
- Primary Trend: The bullish momentum continues, targeting a maximum of 123,402.51.
- Key Resistance Level: A break above 108,179.07 could signal further bullish momentum.
Technical Analyst: Kittiampon Somboonsod
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