Bitcoin Elliott Wave technical analysis [Video]
![Bitcoin Elliott Wave technical analysis [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraLarge.jpg)
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: The correction in wave IV seems to be over so we focus on the five-wave rally of wave V and The price action remains in an uptrend, and we are looking for a re-entry into the trend.
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 technical analysis
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: The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 3I and The price action remains in an uptrend, and we are looking for a re-entry into the trend.
Bitcoin/ U.S. dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, The 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.
