Elliott Wave Analysis TradingLounge Daily Chart, - Bitcoin/USD (BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Detailed Insights: The current analysis suggests that Wave IV may have concluded, setting the stage for a potential uptick in price during Wave V. This development indicates a pivotal phase where BTCUSD could regain momentum.
Bitcoin/USD (BTCUSD) Trading Strategy: Bitcoin remains on a general uptrend despite undergoing a correction in its fourth wave. With indications that this corrective phase might be over, there exists a renewed opportunity to engage with the market by initiating long positions.
Bitcoin/USD (BTCUSD) Technical Indicators: Key indicators support a bullish outlook:
- The price remains above the 200-day Moving Average (MA200), signalling a continued uptrend.
- The Wave Oscillator shows bullish momentum, further confirming the positive trend.
Elliott Wave Analysis TradingLounge H4 Chart - Bitcoin/USD (BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Detailed Insights: The analysis of the H4 chart reveals that Wave (2) matches 61.8% of Wave (1) at 61,903.07, suggesting a precise and typical retracement within the Elliott Wave framework. This reinforces the likelihood of a bullish continuation pattern.
Bitcoin/USD (BTCUSD) Trading Strategy: The consistency in the trading strategy across different time frames underscores the strength of the current uptrend. With the correction phase appearing complete, traders should consider strategies that capitalize on the expected upward movement.
Bitcoin/USD (BTCUSD) Technical Indicators:
- The sustained position above the MA200 enhances confidence in a bullish scenario.
- The positive readings from the Wave Oscillator complement the technical forecast, advocating for long positions in BTCUSD.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: NEO/ U.S. dollar(NEOUSD) Technical Analysis
Bitcoin Prediction Guess the Price? Test Your Analysis - Win 1 Million Satoshi
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 7 Analysts Over 170 Markets Covered. Chat Room With Support
Conclusion: The Elliott Wave analysis for BTCUSD on both daily and H4 charts presents a compelling case for an upcoming positive phase in Bitcoin’s price trajectory. Traders should monitor these levels closely, as a breach beyond the invalidation points could necessitate a reassessment of the current market strategy. This detailed analysis not only aids traders in aligning with the prevailing market conditions but also enhances their understanding of potential future movements in the Bitcoin market.