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 and the price is still likely to move up. Look for an opportunity to join the wave V uptrend.
Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bearish Momentum.
BTC/USD daily chart
BTC/USD four-hour chart
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction next higher degrees: Wave (2)
Details: Wave (2) is likely to end and the price is re-entering the uptrend.
Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: It looks like the wave (2) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (3) uptrend.
Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bearish Momentum.
Bitcoin Elliott Wave technical analysis [Video]
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