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Elliott Wave Analysis TradingLounge Daily Chart, 25 July 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: We are considering a correction in wave ((2)) green. The existing retracement shows a double corrective correction in wave (Y) location. Blue will be the last decline before returning to the main trend. If the concept is correct, the price will rise above the level of 32000.00.

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, 25 July 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: We are considering a correction in wave ((2)) green. The existing retracement shows a double corrective correction in wave (Y) location. Blue will be the last decline before returning to the main trend. If the concept is correct, the price will rise above the level of 32000.00.

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

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