Elliott Wave Analysis TradingLounge Daily Chart, December 5, 2022

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Bitcoin(BITCOMP)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive  

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave I of Motive

Details:  Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1  

Wave Cancel invalid level: 15479  

Bitcoin(BTCUSD) Trading Strategy: Bitcoin price remains under heavy sell pressure below the MA200 MA50 indicating a strong downtrend. The wave oscillator is below the zero line with decreasing momentum. But bullish divergences also show signs of a reversal, so overall Bitcoin price is likely to reverse again. And the price is expected to trade above 21437, but not below 15479.

Bitcoin(BTCUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator is below the Zero-Line which indicates bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, December 5, 2022

Bitcoin(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive  

Structure: Impulse

Position: Wave 1

Direction Next higher Degrees:  Wave 1 of  Motive

Details:  Sub-wave 1 of wave 3 and Once complete, the price will drop again in wave 2.

Wave Cancel invalid level: 16017

Bitcoin(BTCUSD) Trading Strategy: The Bitcoin price recovery is still doing well, but it needs to be watched carefully as the price is rising to test the key resistance at the MA200, and the Wave oscillator also shows a slowdown. If the price does not pass the resistance test, the price is likely to correct again in wave 2 Sub-wave of wave (3).

Bitcoin(BTCUSD) Technical Indicators: The wave oscillator also shows a slowdown

Buying pressure is exerted and the price may correct again.

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