Image Source: Pexels
 

Elliott Wave Analysis TradingLounge Daily Chart, 27 January 2023.

Bitcoin / U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave I of Motive

Details: Wave ((3)) may end and the price throwback in wave ((4))

Wave Cancel invalid level: 18475

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy: Bitcoin remains in a strong uptrend. The price moves above the MA200 MA50 and the momentum continues to rise. make the overall picture remain positive But still, wave ((3)) seems to have moved towards the price target. Therefore, the price tends to reverse in wave ((4)) before rising again in wave ((5)), watch out for retracement.

Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 MA50, indicating an uptrend. The wave oscillators above Zero-Line Bullish momentum.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 27 January 2023.  

Bitcoin / U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave I of Motive

Details: Wave ((3)) may end and the price throwback in wave ((4))

Wave Cancel invalid level: 18475

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy: Still in a strong uptrend The price moved above the MA200 MA50, but even then it looks like wave ((3)) has moved towards the price target, and wave oscillators are signaling a slowdown. Therefore, the price tends to reverse in wave ((4)) before rising again in wave ((5)), watch out for retracement.

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

More By This Author:

Elliott Wave Technical Analysis: Deere & Co., Thursday, Jan. 26
Elliott Wave Technical Analysis: Theta Token / U.S. Dollar
Elliott Wave Investing Strategies: DAX 40, FTSE 100, DXY, GBPUSD, EURUSD