29Oct

BTCUSD Forecast: Elliott Wave Technical Analysis and Key Signals for Bitcoin’s Uptrend

BTCUSD Elliott Wave Analysis - TradingLounge Daily Chart

Bitcoin/U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction in Higher Degrees: Wave IV

Wave Invalid Level: [To be defined based on next price moves]

Analysis Summary: The decline in Wave IV appears to be nearing completion, suggesting a potential shift as BTCUSD re-enters an uptrend phase.

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

  • Outlook: With the Wave IV correction likely concluded, the focus is now on a possible five-wave rally within Wave V.
  • Action: Price action shows an uptrend resumption, highlighting a promising re-entry point for trend continuation.

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

  • MA200: Price positioning above the 200-day moving average, confirming the uptrend.
  • Wave Oscillator: Displays bullish momentum, further supporting upward movement expectations.

BTCUSD-1d-Crypto-Cha...


BTCUSD Elliott Wave Technical Analysis - TradingLounge 4-Hour Chart

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction in Higher Degrees: Wave (2)

Wave Invalid Level: [To be confirmed based on trend shifts]

Detailed Analysis: The corrective Wave (2) appears to be approaching its end, suggesting BTCUSD may soon resume its upward trend.

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

  • Outlook: With the Wave (2) correction ending, attention shifts toward a possible five-wave rally in Wave (3), indicating a potential trend re-entry opportunity.
  • Action: Price action sustains an upward trajectory, showing favorable conditions for trend continuation.

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

  • MA200: Price remains above the 200-day moving average, solidifying the uptrend indication.
  • Wave Oscillator: Reflects bullish momentum, further backing a positive outlook for BTCUSD.

Technical Analyst:  Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here See

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