Elliott Wave Technical Analysis: Bitcoin, Wednesday, July 19
Elliott Wave Analysis TradingLounge Daily Chart, Wednesday, July 19
Bitcoin/U.S. Dollar (BITCOMP)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 24770.53
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: BTC recovered well from the 24770.53 level and was able to form a strong five-wave structure, giving BTC the opportunity to form a new uptrend. Still, the price remains in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.
Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
Elliott Wave Analysis TradingLounge 4H Chart, Wednesday, July 19
Bitcoin/U.S. Dollar (BTCUSD))
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 24770.53
Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: BTC recovered well from the 24770.53 level and was able to form a strong five-wave structure, giving BTC a chance to create a new upward trend. Still, the price remains in a wave correction (2), so wait for the wave reversal ( 2) complete to join the trend again Watch out for a rise above 30290.80, it is possible that wave C has completed.
Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum.
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Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
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