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

S&P BSE SENSEX NEXT 50 Elliott Wave Technical Analysis Reveals Bullish Wave 3 Trend in Indian Stock Market Chart Forecast

S&P BSE SENSEX NEXT 50 Elliott Wave Technical Analysis Reveals Bullish Wave 3 Trend in Indian Stock Market Chart Forecast

Elliott Wave analysis shows a strong bullish structure for the S&P BSE SENSEX NEXT 50 index, with wa...

Read More >
Navigating the Waves: Dogecoin Crypto Price News Today and DOGEUSD Elliott Wave Technical Analysis

Navigating the Waves: Dogecoin Crypto Price News Today and DOGEUSD Elliott Wave Technical Analysis

This article provides a detailed Elliott Wave analysis of the Dogecoin/U.S. dollar (DOGEUSD) pair, o...

Read More >
Understanding of ChainLink Crypto Price News through LINKUSD Elliott Wave Technical Analysis

Understanding of ChainLink Crypto Price News through LINKUSD Elliott Wave Technical Analysis

Gain a thorough understanding of ChainLink (LINKUSD) through Elliott Wave analysis. This guide provi...

Read More >
Navigating the Bullish Cycle: Elliott Wave Analysis and Trading Strategies for NASDAQ Tech Stocks

Navigating the Bullish Cycle: Elliott Wave Analysis and Trading Strategies for NASDAQ Tech Stocks

The NASDAQ 100, SP500, and major tech stocks like Apple, Tesla, Amazon, and others are currently in ...

Read More >
Nifty 50 Elliott Wave Technical Forecast: Daily & Weekly Chart Analysis for Accurate Trend Prediction and Smart Trading Decisions

Nifty 50 Elliott Wave Technical Forecast: Daily & Weekly Chart Analysis for Accurate Trend Prediction and Smart Trading Decisions

Explore the latest Nifty 50 Elliott Wave analysis using daily and weekly charts. Identify key trend ...

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