Image Source: UnsplashElliott Wave Analysis TradingLounge Daily Chart, 11 January 24,Bitcoin / U.S. dollar(BTCUSD)BTCUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave (III)Direction Next higher Degrees: wave ((I))Wave Cancel invalid level: 31046.25Details: Wave (III) is equal to 161.8% of Wave (I) at 50525.35Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: Bitcoin 1 is still in an uptrend, with a chance to test the level of 50525.35. However, this represents an increase in wave 5, the final wave in a sequence of five waves. This serves as a warning before corrections or trend changes. Be cautious of potential corrections.Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWASource : Tradinglounge.com
Elliott Wave Analysis TradingLounge 4H Chart, 11 January 24,Bitcoin / U.S. dollar(BTCUSD)BTCUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave (III)Direction Next higher Degrees: wave ((I))Wave Cancel invalid level: 31046.25Details: Wave (III) is equal to 161.8% of Wave (I) at 50525.35Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: Bitcoin 1 is still in an uptrend, with a chance to test the level of 50525.35. However, this represents an increase in wave 5, the final wave in a sequence of five waves. This serves as a warning before corrections or trend changes. Be cautious of potential corrections.Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.
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