Elliott Wave Analysis TradingLounge Daily Chart, Tuesday, March 7,  

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Bitcoin/U.S. Dollar (BITCOMP)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((5))

Direction Next higher Degrees: wave I of Motive

Details: Wave ((5)) tends to end at 25270 and the break of the parallel channel below. support this idea

Wave Cancel invalid level: 15479

Bitcoin/U.S. dollar (BTCUSD)Trading Strategy: Bitcoin is likely to end at 25270 as the price breaks the lower parallel channel support this idea This leads us to expect a reversal in the second wave. Usually reversed 50 or 61.8 of the first wave. So wait for the second wave to finish to join the trend again.

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

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, Tuesday, March 7.

Bitcoin/U.S. Dollar (BTCUSD)

LINKUSD 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: 5.386

Bitcoin/U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin is likely to end at 25270 as the price breaks the lower parallel channel support this idea This leads us to expect a reversal in the second wave. Usually reversed 50 or 61.8 of the first wave. So wait for the second wave to finish to join the trend again.

Bitcoin/U.S. Dollar (BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend. The wave oscillators below Zero-Line momentum are bearish.

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