Image Source: Unsplash

Elliott Wave Analysis TradingLounge Daily Chart, 5 October 23, 
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 II of Motive
Wave Cancel invalid level: 28635
Details: Wave ((C)) trend move to 138.2% of Wave ((A)) at 23214.83

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: The increase from Level 26026 destroyed the Triangle Formation, but even so, the W.C.Invalid Level was not destroyed. We are still looking for a wave 5 decline.

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, RSI is a Bullish divergence.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA
Source : Tradinglounge.com

(Click on image to enlarge)

Elliott Wave Analysis TradingLounge 4H Chart, 5 October 23 
Bitcoin/U.S. dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave 4
Direction Next higher Degrees: wave ((C)) of Flat
Wave Cancel invalid level: 28635
Details:  the increase in wave 4 before decline in wave 5

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: The increase from Level 26026 destroyed the Triangle Formation, but even so, the W.C.Invalid Level was not destroyed. We are still looking for a wave 5 decline.

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is above  the MA200 indicating an uptrend, RSI is a Bullish momentum.

(Click on image to enlarge)

More By This Author:

Elliott Wave Analysis: Indice Trading
Day Chart Elliott Wave Technical Analysis NZDUSD Wednesday, October 4
Elliott Wave Technical Analysis 4 Hour Chart: New Zealand Dollar/U.S. Dollar - Wednesday, Oct.4