Elliott Wave Analysis TradingLounge Daily Chart, Monday, Aug.21

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Bitcoin/U.S. Dollar (BITCOMP)
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: 

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: A drop below 28639.62 broke the uptrend. causing the correction in wave 2 to not be completed yet Leads to a correction of the wave ((C)) in a flat pattern Therefore, one will have to wait for the pattern to complete to consider joining the trend again.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is Below the MA200 indicating a Down trend, Wave Oscillator are  Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, Monday, Aug.21
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:

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: A drop below 28639.62 broke the uptrend. causing the correction in wave 2 to not be completed yet Leads to a correction of the wave ((C)) in a flat pattern Therefore, one will have to wait for the pattern to complete to consider joining the trend again.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is Below the MA200 indicating a Down trend, Wave Oscillator are  Bearish momentum.

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