BTCUSD Elliott Wave Analysis TradingLounge Daily Chart

Bitcoin / U.S. Dollar (BTCUSD) Daily Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (V)

Direction Next Higher Degrees: Wave ((I))

Wave Cancel Invalid Level:

Details: The five-wave increase of Wave (V).

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy:

Overall, Bitcoin's correction appears to have ended at the 53,534 level, and the price is now rising again in a wave (V). It is likely to rise above 72,660, presenting an opportunity to join the uptrend.

Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators:

• The price is above the MA200, indicating an uptrend.
• The Wave Oscillator shows bullish momentum.

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: Zigzag

Position: Wave A

Direction Next Higher Degrees: Wave V of Impulse

Wave Cancel Invalid Level:

Details: Wave ((2)) is equal to 61.8% of Wave ((1)) at 0.1373.

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy:

Overall, Bitcoin's correction appears to have ended at the 53,534 level, and the price is now rising again in a wave (V). It is likely to rise above 72,660, presenting an opportunity to join the uptrend.

Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators:

• The price is above the MA200, indicating an uptrend.

• The Wave Oscillator shows bullish momentum.

Technical Analyst:  Kittiampon Somboonsod

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

See Previous: Dogecoin/U.S. Dollar (DOGEUSD) Elliott Wave Technical Analysis

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