BTC/USD Elliott Wave technical analysis
Function: Follow Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave (V).
Direction next higher degrees: Wave ((I)).
Details: The five-wave Increase of Wave (V).
Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: Overall, Bitcoin looks like the correction has ended at the 53,534 level and the price is rising again in a wave (V) likely to rise above 72,660, so look for an opportunity to join the uptrend.
Bitcoin / U.S. dollar (BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.
BTC/USD Elliott Wave one-day chart
BTC/USD Elliott Wave four-hour chart
Function: Follow Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave ((1)).
Direction next higher degrees: Wave (V).
Details: The five-wave Increase of Wave ((1)).
Bitcoin / U.S. dollar (BTC/USD) Trading Strategy: Overall, Bitcoin looks like the correction has ended at the 53,534 level and the price is rising again in a wave (V) likely to rise above 72,660, so look for an opportunity to join the uptrend.
Bitcoin / U.S. dollar (BTC/USD) Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.
Bitcoin Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
Ripple update: What to expect from XRP and Ripple lawsuit this week
![Ripple update: What to expect from XRP and Ripple lawsuit this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/ripple_XtraSmall.jpg)
Ripple active addresses doubled over the weekend, signaling a rise in activity among traders, per Santiment data. XRP traders have consistently taken profits in the altcoin in the last two weeks, increasing selling pressure on the altcoin.
Betting big on crypto: Polymarket sees $300 million monthly volume as prediction markets gain traction
![Betting big on crypto: Polymarket sees $300 million monthly volume as prediction markets gain traction](https://editorial.fxstreet.com/images/TechnicalAnalysis/Volume/Liquidity/man-getting-money-out-of-his-wallet-gm488959733-39476544_XtraSmall.jpg)
Polymarket, a crypto prediction platform built on Polygon has observed the highest volume month in its history, as interest in US Presidential elections and the Olympics peaks.
Crypto weekly flashback and best trades for the week
![Crypto weekly flashback and best trades for the week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Dogecoin/Doge_Coin_31_02_XtraSmall.jpg)
Meme coins showed mixed results in the past week. Dogecoin, Shiba Inu and Pepe started their recovery early on Sunday while Dogwifhat and Bonk extend losses. Coingecko data shows the state of the top five meme coins ranked by market capitalization.
Bitcoin inches closer to $70,000 as Donald Trump says SEC Chair Gary Gensler will be fired
![Bitcoin inches closer to $70,000 as Donald Trump says SEC Chair Gary Gensler will be fired](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33646574_XtraSmall.jpg)
Bitcoin rally on Saturday was likely catalyzed by Donald Trump’s pro-Bitcoin promises at the Nashville conference. The US Presidential candidate promised a strategic national stockpile of Bitcoin if elected.
Bitcoin: Will BTC manage to recover from recent market turmoil?
![Bitcoin: Will BTC manage to recover from recent market turmoil?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_closer_XtraSmall.jpg)
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.