Bitcoin Elliott Wave technical analysis [Video]
![Bitcoin Elliott Wave technical analysis [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/bitcoins-52602600_XtraLarge.jpg)
BTC/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Zigzag.
Position: Wave ((Y)).
Direction next higher degrees: wave (III).
Wave cancel invalid level: 31046.25.
Details: The corrective of Wave IV is equal to 38.2% of Wave III at 57663.
BTC/USD 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.
BTC/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Zigzag.
Position: Wave ((Y)).
Direction Next higher Degrees: wave (III).
Wave Cancel invalid level: 31046.25.
Details: The corrective of Wave IV is equal to 38.2% of Wave III at 57663.
BTC/USD 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.
Bitcoin Elliott Wave technical analysis [Video]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
