Elliott Wave Analysis TradingLounge 4Hr Chart,Bitcoin/ U.S. dollar(BTCUSD)BTCUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Double ZigzagPosition: Wave ((Y))Direction Next higher Degrees: wave (III)Wave Cancel invalid level: 31046.25Details: The corrective of Wave IV is equal to 38.2% of Wave III at 57663Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:After the black III wave continued to rise for a long time, Bitcoin entered a correction period. In the fourth wave, it often went down to test the 38.2% level at 57868 before rising again in the fifth wave. So wait for the correction to complete to re-enter the trend.Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum.Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.com
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