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Elliott Wave Analysis TradingLounge Daily Chart, 3 August 2023. 

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: We are considering the termination of wave ((2)) from breaking the upper parallel channel.

Wave Cancel invalid level: 24770.53

Bitcoin/U.S. Dollar(BTCUSD) Trading Strategy: It is possible that Wave ((2)) Green will end at the level of 28612.00 and a rise above 30033.50 will support this idea. In addition, the price remains above the MA200 line, making the overall price remain in an uptrend. From this point, it will be an opportunity for us to join the trend again.

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

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 3 August 2023.  

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: Wave (C) opportunity complete at 28639.62 and the price rise again in wave ((3)) 

Wave Cancel invalid level: 28639.62

Bitcoin/U.S. Dollar(BTCUSD) Trading Strategy: It is possible that Wave ((2)) Green will end at the level of 28612.00 and a rise above 30033.50 will support this idea. Also, the Wave Oscillator has a bullish divergence signal from here, it will be an opportunity for us to enter. join the trend again

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

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