Image Source: Pexels

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 seems that the fourth wave correction is not complete and the price is still likely to drop to test the 48,918 level. Therefore, wait for the correction to complete to look for an opportunity to rejoin the trend in the fifth wave.

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

Elliott Wave Analysis TradingLounge H4 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 (2)

Wave Cancel invalid level: 

Details: Wave (2) is likely to retrace the 61.8% level of wave (1).

Bitcoin / U.S. dollar(BTCUSD)Trading Strategy:
It seems that the fourth wave correction is not complete and the price is still likely to drop to test the 48,918 level. Therefore, wait for the correction to complete to look for an opportunity to rejoin the trend in the fifth wave.

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

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Technical Analysis: Silver - Monday, Aug. 12
Elliott Wave Technical Analysis: Walmart Inc. - Monday, Aug. 12
Unlocking ASX Trading Success: WiseTech Global Limited