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 looks like the Wave IV correction is complete, so look for opportunities to join the trend from short-term pullbacks.
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 (BTCUSD) Trading Strategy: It looks like the Wave IV correction is complete, so look for opportunities to join the trend from short-term pullbacks.
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 four-hour chart
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
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.