BTCUSD Elliott Wave Analysis – TradingLounge Daily Chart

Bitcoin/U.S. Dollar (BTCUSD) Daily Chart Analysis

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next Higher Degree: Wave IV

Wave Invalid Level:

Details: The current decline within wave IV appears close to completion, suggesting BTCUSD may soon re-enter its uptrend.

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy

With the wave IV correction potentially complete, attention turns to the five-wave rally of wave V. The prevailing price action indicates an uptrend, making this a favorable re-entry point into the trend.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators

• Moving Average (MA200): Price remains above MA200, signaling a strong uptrend.

• Wave Oscillator: Demonstrates bullish momentum.

BTCUSD Elliott Wave Analysis – TradingLounge 4-Hour Chart

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next Higher Degree: Wave (2)

Wave Invalid Level:

Details: The correction within wave (2) seems to conclude, indicating BTCUSD may soon resume its uptrend.

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy

The corrective phase in wave ((2)) is likely ending, shifting focus to the five-wave rally of wave 3. Current price action confirms an uptrend, presenting a re-entry opportunity into the bullish trend.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators

• Moving Average (MA200): Price holds above MA200, confirming an upward trend.

• Wave Oscillator: Displays bullish momentum, reinforcing positive price action.

Technical Analyst:  Kittiampon Somboonsod

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