Image Source: PexelsElliott Wave Analysis TradingLounge Daily ChartBitcoin/ U.S. dollar(BTCUSD)BTCUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Double Correctiveposition: Wave ((Y))Direction Next higher Degrees: wave IVWave Cancel invalid level: Details: The decline of wave IV is likely to end and the price is re-entering the uptrend.Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:
The correction in wave IV seems to be over so we focus on the five-wave rally of wave V. The price action remains in an uptrend, and 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 ChartBitcoin/ U.S. dollarBTCUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Double Correctiveposition: Wave ((Y))Direction Next higher Degrees: wave (2)Wave Cancel invalid level: Details: Wave (2) is likely to end and the price is re-entering the uptrend.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 3I. The price action remains in an uptrend, and 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 SomboonsodSource: Tradinglounge.comMore By This Author:Elliott Wave Technical Analysis: British Pound/U.S. Dollar – Monday, Oct. 28
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