Image Source: Unsplash

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 H4 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.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Gold (XAU/USD) Commodity Elliott Wave Technical Analysis
Bajaj Finance – Elliott Wave Technical Analysis
Meta Platforms Inc. - Elliott Wave Technical Analysis