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: Double Corrective

Position: Wave ((Y))

Direction Next Higher Degree: Wave IV

Wave Cancel Invalid Level:

Details: The decline in Wave IV before an increase again in Wave V.

BTCUSD Trading Strategy: The fourth wave correction appears incomplete, and the price may drop to test the 48,918 level. Wait for the correction to complete before looking for an opportunity to rejoin the trend in the fifth wave.

BTCUSD Technical Indicators:

• The price is below the MA200, indicating a downtrend.
• The Wave Oscillator shows bearish 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: Double Corrective

Position: Wave ((Y))

Direction Next Higher Degree: Wave IV

Wave Cancel Invalid Level:

Details: The decline in Wave IV before an increase again in Wave V.

Bitcoin / U.S. Dollar Trading Strategy:
The fourth wave correction appears incomplete, and the price may drop to test the 48,918 level. Wait for the correction to complete before looking for an opportunity to rejoin the trend in the fifth wave.

Bitcoin / U.S. Dollar Technical Indicators:

• The price is below the MA200, indicating a downtrend.
• The Wave Oscillator shows bearish 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