Elliott Wave Technical Analysis: Bitcoin, Wednesday, Nov. 9

Elliott Wave Analyst - tradinglounge • Nov 9, 2022 at 5:16 AM EST

The price of Bitcoin is still in control of the bear market. But it's the last stage in the fifth wave, which is likely to reverse soon. Look for an opportunity to open a long position, but the price must not fall below 13880.

Elliott Wave Analysis TradingLounge Daily Chart, November 9, 2022

Bitcoin (BITCOMP)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((5))

Direction Next higher Degrees: Sub-wave of Wave C

Details: decrease again in wave 5 but must not fall below 13880.

Wave Cancel invalid level:13880.

Bitcoin(BTCUSD) Trading Strategy: The price is still in control of the bear market. But it's the last stage in the fifth wave, which is likely to reverse soon. Look for an opportunity to open a long position, but the price must not fall below 13880.

Bitcoin(BTCUSD) Technical Indicators: MACD has a bullish divergence price have the opportunity to reverse, MACD Histogram below Zero-Line the price has bearish momentum

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart

Bitcoin (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((5))

Direction Next higher Degrees: Sub-wave of Wave C

Details: decrease again in wave 5 but must not fall below 13880.

Wave Cancel invalid level:13880.

Bitcoin(BTCUSD) Trading Strategy: The price is still in control of the bear market. But it's the last stage in the fifth wave, which is likely to reverse soon. Look for an opportunity to open a long position, but the price must not fall below 13880.

Bitcoin(BTCUSD)Technical Indicators: MACD and MACD Histogram below Zero-Line the price has bearish momentum.

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