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Elliott Wave Analysis TradingLounge Daily 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 IV

Wave Cancel invalid level:

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:

BTC/USD is currently in a Corrective Wave IV structure that is currently in wave B of IV and may go up before going down. The structure is expected to be a Flat Correction with wave C possibly going down to test the support level of 87,735.

Trading strategies

* Buy Strategy (Long Position):

   * Look for opportunities to join short-term uptrends.

   * The uptrend target is 106,000 - 109,000 USD.

* Risk Management:

   * If it drops below 91,000 USD, a new structure must be considered.

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 IV

Wave Cancel invalid level:

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:

BTC/USD is currently in a Corrective Wave IV structure that is currently in wave B of IV and may go up before going down. The structure is expected to be a Flat Correction with wave C possibly going down to test the support level of 87,735.

Trading strategies

* Buy Strategy (Long Position):

   * Look for opportunities to join short-term uptrends.

   * The uptrend target is 106,000 - 109,000 USD.

* Risk Management:

   * If it drops below 91,000 USD, a new structure must be considered.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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