BTCUSD Elliott Wave Analysis TradingLounge Daily Chart
Bitcoin/ U.S. Dollar (BTCUSD) Daily Chart Analysis
BTCUSD Elliott Wave Technical Analysis
- Function: Counter Trend
- Mode: Corrective
- Structure: Flat
- Position: Wave ((C))
- Next Higher Degree Direction: Wave (III)
- Wave Cancel Invalid Level: 31046.25
Details: Wave IV may be complete, and the price is likely to increase again in Wave V.
Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
Bitcoin remains in an uptrend, currently undergoing a correction in the fourth wave, which appears to be complete. This situation presents an opportunity to rejoin the trend. Look for opportunities to open long positions.
Bitcoin/ U.S. Dollar (BTCUSD) Technical Indicators:
- MA200: The price is above the 200-day moving average, indicating an uptrend.
- Wave Oscillator: Showing bullish momentum.
Bitcoin (BTCUSD) is in a corrective phase, specifically in a flat structure, positioned in Wave ((C)). This correction is part of a larger uptrend, with the next higher degree pointing towards Wave (III). The invalidation level for this wave count is 31046.25, meaning that if the price drops below this level, the current wave analysis would be invalidated. As Wave IV appears to be complete, there is an expectation of a price increase as the market moves into Wave V.
BTCUSD Elliott Wave Analysis TradingLounge H4 Chart
Bitcoin/ U.S. Dollar (BTCUSD) 4-hour Chart Analysis
BTCUSD Elliott Wave Technical Analysis
- Function: Counter Trend
- Mode: Corrective
- Structure: Flat
- Position: Wave C
- Next Higher Degree Direction: Wave (2)
- Wave Cancel Invalid Level: 59835.83
Details: Wave (2) is equal to 61.8% of Wave (1) at 61903.07.
Bitcoin/ U.S. Dollar (BTCUSD) Trading Strategy:
Overall, Bitcoin remains in an uptrend despite undergoing a correction in the fourth wave, which now seems complete. This provides an opportunity to rejoin the trend. Look for long position opportunities.
Bitcoin/ U.S. Dollar (BTCUSD) Technical Indicators:
- MA200: The price is above the 200-day moving average, signalling an uptrend.
- Wave Oscillator: Indicating bullish momentum.
On the 4-hour chart, Bitcoin is also in a corrective phase, positioned in Wave C within a flat structure. The current analysis suggests that Wave (2) has retraced 61.8% of Wave (1), with the critical level for invalidation set at 59835.83. This wave count indicates a corrective move that aligns with the broader uptrend seen in the daily chart.
Technical Analyst: Kittiampon Somboonsod
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