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Elliott Wave Analysis TradingLounge Daily Chart, 17 August 2023.

Bitcoin/U.S. Dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details: The decline below 28650 breaks the uptrend, leaving wave 2 correction unfinished.

Wave Cancel invalid level: 24770.53 32

Bitcoin/U.S. Dollar(BTCUSD) Trading Strategy: The decline below 28650 breaks the uptrend, leaving wave 2 correction unfinished. Therefore, we expect the price to retest the MA200 line before reversing to the uptrend again. Wait for wave 2 to complete.

Bitcoin/U.S. Dollar(BTCUSD) Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator are Bearish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 17 August 2023.

Bitcoin/U.S. Dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details: The decline below 28650 breaks the uptrend, leaving wave 2 correction unfinished.

Wave Cancel invalid level: 24770.53

Bitcoin/U.S. Dollar(BTCUSD) Trading Strategy: The decline below 28650 breaks the uptrend, leaving wave 2 correction unfinished. Therefore, we expect the price to test the 61.8% FIBO level before reversing to the uptrend again. Wait for wave 2 to complete.

Bitcoin/U.S. Dollar(BTCUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, Wave oscillators are Bearish momentum.

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