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Elliott Wave Analysis TradingLounge Daily Chart, 7 February 24, 

Bitcoin / U.S. dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave B

Direction Next higher Degrees: wave (IV)

Wave Cancel invalid level: 31046.25

Details: Pull-back of Wave B black before decline again in Wave C Black

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy:

The wave (IV) correction in the Zigzag pattern is currently pulling back in wave B before falling again in wave C, so wait for the correction to complete to rejoin the trend in wave (V).

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is Above the MA200 indicating an uptrend, and Wave Oscillators a bullish Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

Elliott Wave Analysis TradingLounge 4Hr Chart, 7 February 24,  

Bitcoin / U.S. dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave B

Direction Next higher Degrees: wave (IV)

Wave Cancel invalid level: 31046.25

Details: Wave B Black trend to retest key resistance at 44500 level

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: 

The wave (IV) correction in the Zigzag pattern is currently pulling back in wave B before falling again in wave C, so wait for the correction to complete to rejoin the trend in wave (V).

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillators a bullish Momentum.

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