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Elliott Wave Analysis TradingLounge Daily Chart

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 V

Wave Cancel invalid level:

Details: The five-wave rise of wave V is likely equivalent to wave (I).

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
Wave (3) appears to have ended and the price is now entering a correction phase in wave (4). So wait for the correction to complete to rejoin the trend.

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: 
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bullish Momentum.
 

Elliott Wave Analysis TradingLounge 4hr Chart

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

position: Wave B

Direction Next higher Degrees: wave (4)

Wave Cancel invalid level: 

Details: The corrective wave in Wave (4) before increase again in Wave (5).

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
Wave (3) appears to have ended and the price is now entering a correction phase in wave (4). So wait for the correction to complete to rejoin the trend.

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: 
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bullish Momentum.
 

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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