Image Source: PexelsElliott Wave Analysis TradingLounge Daily Chart
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 (III)
Wave Cancel invalid level: 31046.25
Details: Wave IV may be complete and the Price increases again in Wave V.Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
Overall, Bitcoin is still in an uptrend but it is a period of correction in the fourth wave which appears to be complete. Therefore, it is an opportunity for us to join the trend once again. Look for opportunities to open long positions.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 H4 Chart
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 (2)
Wave Cancel invalid level: 59835.83
Details: Wave (2) is equal to 61.8% of Wave (1) at 61903.07Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
Overall, Bitcoin is still in an uptrend but it is a period of correction in the fourth wave which appears to be complete. Therefore, it is an opportunity for us to join the trend once again. Look for opportunities to open long positions.Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators:
The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.
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