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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:
The correction in wave IV seems to be over so we focus on the five-wave rally of wave V. The price action remains in an uptrend, and we are looking for a re-entry into 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 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: 
The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 3I. The price action remains in an uptrend, and we are looking for a re-entry into 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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