Elliott Wave Technical Analysis: Bitcoin - U.S. Dollar, Thursday, April 13

By Peter Mathers of Trading Lounge

Thursday, April 13, 2023 3:32 AM EDT

Elliott Wave Analysis TradingLounge Daily Chart, Thursday, April 13.

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Bitcoin /U.S. Dollar (BITCOMP)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 is equal to 1.618 or 2.618 multiplied Length of wave 1

Wave Cancel invalid level: 15479

Bitcoin /U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin Remains in a strong uptrend. It was able to keep above the MA200 and MA50 lines and also managed to break through the upper parallel channel. Thus, the view remains a steady rise of wave ((3)) that tends to be 1.618 or 2.618 times the length of wave ((1)) at levels 35433 and 45222.

Bitcoin /U.S. Dollar (BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend. The wave oscillators above Zero-Line momentum are Bullish.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, Thursday, April 13.

Bitcoin /U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: wave ((3)) of Motive

Details: Wave (3) is equal to 1.618 Length of wave (1)

Wave Cancel invalid level: 27824.73

Bitcoin /U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin Remains in a strong uptrend. It was able to keep above the MA200 and MA50 lines, the view remains a steady rise of wave ((3)) that tends to be 1.618 times the length of wave ((1)) at levels 31503.

Bitcoin /U.S. Dollar (BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend The wave oscillators above Zero-Line momentum are Bullish.