21Feb

Bitcoin/ U.S. dollar(BTCUSD) Elliott Wave Technical Analysis: Potential Impulse Structure Signals Uptrend Momentum

Elliott Wave Analysis TradingLounge Daily Chart, 21 February 24,

Elliott Wave analysts tracking Bitcoin's movements against the US dollar (BTCUSD) on February 21st, 2024, observe a compelling technical scenario that suggests a bullish sentiment may persist. Here's a breakdown of the Elliott Wave analysis for BTCUSD:

BTCUSD Elliott Wave Technical Analysis

Daily Chart Analysis:

  • Function: Following the Trend
  • Mode: Motive
  • Structure: Impulse
  • Position: Wave V
  • Direction Next Higher Degrees: Wave (III)
  • Invalidation Level: 31046.25

On the daily chart, BTCUSD reveals a five-wave increase within Wave (III), indicating strong upward momentum. This wave sequence suggests a potential uptrend continuation. However, analysts caution that Wave (III) typically precedes a corrective Wave ((IV)). Traders are advised to remain vigilant for an impending correction following this significant uptick.

Technical indicators further support the bullish outlook, with the price comfortably positioned above the MA200, signaling an uptrend, while Wave Oscillators reflect bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

BTCUSD-Day-crypto-ch...

 

Elliott Wave Analysis TradingLounge 4Hr Chart, 21 February 24,

Bitcoin/ U.S. dollar(BTCUSD) Elliott Wave Technical Analysis

4-Hour Chart Analysis:

  • Function: Following the Trend
  • Mode: Motive
  • Structure: Impulse
  • Position: Wave V
  • Direction Next Higher Degrees: Wave (III)
  • Invalidation Level: 31046.25

A similar pattern emerges on the 4-hour chart, reinforcing the bullish narrative seen on the daily timeframe. The Elliott Wave analysis indicates a five-wave increase within Wave V, bolstering the case for continued upward movement in BTCUSD.

As with the daily chart, traders are advised to exercise caution as Wave (III) typically precedes a corrective Wave ((IV)). Vigilance is key to identifying potential entry and exit points amidst the market's dynamic shifts.

Once again, technical indicators align with the bullish sentiment, with the price maintaining its position above the MA200, indicative of an ongoing uptrend, while Wave Oscillators affirm bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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

See Previous: Theta Token/ U.S. dollar(THETAUSD)

BTCUSD-4h-crypto-cha...

Conclusion: In summary, Elliott Wave analysis of BTCUSD suggests a prevailing uptrend, with both daily and 4-hour charts displaying signals of bullish momentum. However, traders must remain mindful of potential corrective waves following the completion of Wave (III). By staying attuned to these patterns and technical indicators, traders can navigate the market with greater precision, capitalizing on opportunities while managing risk effectively.

For those engaging in BTCUSD trading, a comprehensive understanding of Elliott Wave principles coupled with strategic use of technical indicators can serve as valuable tools in optimizing trading decisions and maximizing profitability.

Related

Newmont Corporation (ASX:NEM) Elliott Wave Analysis Reveals Bullish Wave 3 Progression with $100 Target and Key Price Levels

Newmont Corporation (ASX:NEM) Elliott Wave Analysis Reveals Bullish Wave 3 Progression with $100 Target and Key Price Levels

This analysis provides an in-depth Elliott Wave forecast for Newmont Corporation (ASX:NEM), highligh...

Read More >
Reliance Industries' Stock Performance and Reliance Elliott Wave Technical Analysis includes Key Insights into the Current Trends

Reliance Industries' Stock Performance and Reliance Elliott Wave Technical Analysis includes Key Insights into the Current Trends

This analysis provides a detailed overview of Reliance Industries' stock performance using Ellio...

Read More >
Gain expert insights into Binance Crypto Price BNBUSD Elliott Wave Technical Analysis

Gain expert insights into Binance Crypto Price BNBUSD Elliott Wave Technical Analysis

Gain expert insights into Binance Coin (BNBUSD) with our detailed Elliott Wave Analysis. Understand ...

Read More >
Grasim Industries' Elliott Wave Analysis Highlights Bullish Trend with the formation Navy Blue Wave 3 Formation and Upward Momentum

Grasim Industries' Elliott Wave Analysis Highlights Bullish Trend with the formation Navy Blue Wave 3 Formation and Upward Momentum

Grasim Industries exhibits a robust bullish trend as per Elliott Wave analysis, with the formation o...

Read More >
Unlocking ASX Trading Success: V300AEQ ETF UNITS – VAS Stock Analysis & Elliott Wave Technical Forecast

Unlocking ASX Trading Success: V300AEQ ETF UNITS – VAS Stock Analysis & Elliott Wave Technical Forecast

This article provides an in-depth Elliott Wave technical analysis of the ASX VAS ETF Units, highligh...

Read More >
Gold (XAUUSD) Elliott Wave Technical Analysis: Navigating Waves and Patterns for Market Insight

Gold (XAUUSD) Elliott Wave Technical Analysis: Navigating Waves and Patterns for Market Insight

In the intricate world of Elliott Wave analysis, the current outlook for gold suggests a zigzag patt...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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