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Elliott Wave Analysis TradingLounge Daily Chart, 7 February 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 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 momentum are bullish.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 7 February 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 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 below Zero-Line Bearish momentum.

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