BTCUSD Elliott Wave Analysis TradingLounge Daily Chart, 5 March 24
In the dynamic world of cryptocurrency trading, understanding market trends is paramount. With Elliott Wave Analysis, we unravel the intricate patterns of BTCUSD, offering insights into potential movements and trading strategies.
Bitcoin/ U.S. dollar(BTCUSD) Daily Chart Analysis
BTCUSD Elliott Wave Technical Analysis
Function: Following the Trend
Mode: Motive
Structure: Impulse
Position: Wave III
Direction Next higher Degrees: Wave (III)
Wave Cancel invalid level: 31046.25
Details: The five-wave increase in wave (III) may be complete. Watch out for corrective waves.
BTCUSD Trading Strategy:
Bitcoin's ascent persists, riding the wave of the third impulse. There's a high likelihood of surpassing the all-time high of 68997.75. However, as we approach the culmination of this rally, vigilance against corrective movements is essential. Two more waves are anticipated to finalize the expansive impulse structure. Stay alert for corrections.
BTCUSD Technical Indicators:
Price action remains above the MA200, signaling an uptrend. The Wave Oscillator reflects bullish momentum, bolstering the positive outlook.
BTCUSD Elliott Wave Analysis TradingLounge 4Hr Chart, 5 March 24
Bitcoin/ U.S. dollar(BTCUSD) 4Hr Chart Analysis
BTCUSD Elliott Wave Technical Analysis
Function: Following the Trend
Mode: Motive
Structure: Impulse
Position: Wave III
Direction Next higher Degrees: Wave (III)
Wave Cancel invalid level: 31046.25
Details: The five-wave increase in wave (III) may be complete. Watch out for corrective waves.
Bitcoin/ U.S. dollar(BTCUSD) Trading Strategy:
Continued upward momentum is observed in Bitcoin's journey, driven by the third wave's surge. While the all-time high of 68997.75 is within reach, the final leg of the rally demands attention. Anticipate two more waves to finalize the overarching impulse structure, and remain cautious of potential corrections.
Bitcoin/ U.S. dollar(BTCUSD) Technical Indicators:
Price action maintains its position above the MA200, indicating a sustained uptrend. The Wave Oscillator reinforces the bullish sentiment with its momentum.
Technical Analyst: Kittiampon Somboonsod, CEWA
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With a firm grasp of Elliott Wave Analysis and technical indicators, navigating the Bitcoin market becomes more informed and strategic. Stay tuned to our updates for real-time insights into BTCUSD's evolving landscape.