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Elliott Wave Analysis TradingLounge Daily Chart

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

position: Wave V

Direction Next higher Degrees: wave (I)

Wave Cancel invalid level:

Details: The five-wave rise of wave V is likely equivalent to wave I at the 98360 level.

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: 
The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 3 and the price action remains in an uptrend. We are looking for a re-entry into the trend.

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators:
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bullish Momentum.

Elliott Wave Analysis TradingLounge 4hr Chart

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

position: Wave ((iv))

Direction Next higher Degrees: wave 3

Wave Cancel invalid level:

Details: Wave IV correction before another rise in wave V.

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 3 and the price action remains in an uptrend. We are looking for a re-entry into the trend.

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators:
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bullish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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