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Elliott Wave Analysis TradingLounge Daily Chart

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

position: Wave ((5))

Direction Next higher Degrees: wave III

Wave Cancel invalid level:

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

Bitcoin remains in an uptrend, with a key target at $123,402. If it can break through the key resistance at $108,429. Traders should keep a close eye on the wave structure and key levels to adjust their investment strategies accordingly.

Trading strategies

* • Waiting for confirmation of breakout of resistance at 108,429 USD with strong momentum.

* The next profit target is 123,402 USD.

* Set Stop Loss below 89,396 USD to limit the risk in case the wave structure is cancelled.

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: Uptrend in wave (3) of wave III

Wave Cancel invalid level: 89,396

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

The BTC/USD trend remains strong with the possibility of making new highs in the medium term if it can break through the major resistance. Traders should keep an eye on the wave structure and use the identified support-resistance levels to plan their investment strategies appropriately.

Trading strategies

* Buy Strategy (Long Position):

   * • Wait for confirmation from the price reversing from the support near 97,738 USD

   * • Set a short-term profit target at 108,429 USD and the next target at 123,000 USD

* Risk Management:

   * • Set a Stop Loss below 89,396 USD to hedge against the risk of a structure cancellation.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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