Elliott Wave Analysis TradingLounge Daily Chart, January 31.

Pixabay

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

Wave Cancel invalid level: 18475

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy: Bitcoin in the daily chart is likely to correct after passing the 2.618 wave target ((1)) with a chance to retest the MA200 line and the same level as the wave retracement ((4)) if sustained. It is a good signal to start another upward trend in waves ((5)).

Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200, indicating an Uptrend.

The wave oscillators above Zero-Line Bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, Jan. 31

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

Wave Cancel invalid level: 18475

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy: Bitcoin in the daily chart is likely to correct after passing the 2.618 wave target ((1)) with a chance to retest the MA200 line and the same level as the wave retracement ((4)) if sustained. It is a good signal to start another upward trend in waves ((5)).

Bitcoin / U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators have Bearish divergence watch out Revers.

More By This Author:

S&P 500 Index Analysis And Forecast
Elliott Wave Technical Analysis: Texas Instruments Inc. - Monday, Jan. 30
Theta/USD Elliott Wave Technical Analysis For Jan. 30