BTC/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction next higher degrees: Wave IV.
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: It seems that the fourth wave correction is not complete and the price is still likely to drop to test the 48,918 level. Therefore, wait for the correction to complete to look for an opportunity to rejoin the trend in the fifth wave.
Bitcoin /U.S. dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.
BTC/USD daily chart
BTC/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave B.
Direction next higher degrees: Wave (2).
Details: Wave (2) is likely to retrace the 61.8% level of wave (1).
Bitcoin / U.S. dollar (BTC/USD) trading strategy: It seems that the fourth wave correction is not complete and the price is still likely to drop to test the 48,918 level. Therefore, wait for the correction to complete to look for an opportunity to rejoin the trend in the fifth wave.
Bitcoin /U.S. dollar (BTC/USD) technical indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.
BTC/USD four-hour chart
Bitcoin Elliott Wave technical analysis [Video]
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