Elliott Wave Technical Analysis: Bitcoin, Monday, March 13

Elliott Wave Analyst - tradinglounge • Mar 13, 2023 at 4:33 AM EDT

Bitcoin/U.S.dollar(BTCUSD) Elliott Wave Technical Analysis 13 March 23

Elliott Wave Analysis TradingLounge Daily Chart, Monday, March 13

Bitcoin/U.S. Dollar (BITCOMP)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave III
Direction Next higher Degrees: wave (I) of Motive
Details: Wave 3 is equal to 1.618 multiplied Length of wave 1 at 35366
Wave Cancel invalid level: 15479

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: Bitcoin has recovered well from the 19569 level, which is close to the wave II retracement of .618 x Wave I, and a five-wave rally from this level supports this notion. This allows us to expect trading above the 25270 level and this may lead to wave III price target at 35366.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an UpTrend. The wave oscillators below Zero-Line momentum are bearish.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, Monday, March 13
Bitcoin/U.S. Dollar (BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next higher Degrees: wave II of Motive
Details: Wave ((Y)) is likely to end at 19569 and a five-wave rise. From this level, it helps to confirm this notion.
Wave Cancel invalid level: 15479

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: Bitcoin has recovered well from the 19569 level, which is close to the wave II retracement of .618 x Wave I, and a five-wave rally from this level supports this notion. This allows us to expect trading above the 25270 level and this may lead to wave III price target at 35366.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an UpTrend. The wave oscillators above Zero-Line momentum are bullish.

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