Elliott Wave Technical Analysis: Bitcoin Crypto Price News For Thursday, Oct 17

Close Up of Bitcoins

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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: Double Corrective

position: Wave ((Y))

Direction Next higher Degrees: wave IV

Wave Cancel invalid level:

Details: The decline of wave IV is likely to end and the price is re-entering the uptrend.

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
It looks like the wave IV correction is complete and the price is still likely to move up. Look for an opportunity to join the wave V uptrend.

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

Elliott Wave Analysis TradingLounge 4hr Chart

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave ((Y))

Direction Next higher Degrees: wave (2)

Wave Cancel invalid level:

Details: Wave (2) is likely to end and the price is re-entering the uptrend.

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
It looks like the wave (2) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (3) uptrend.

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