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Bitcoin Elliott Wave technical analysis [Video]

Bitcoin Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

BTC/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

position: Wave ((3)).

Direction next higher degrees: Wave V.

Details: The five-wave rise of wave V is likely equivalent to wave (I).

Bitcoin/ US Dollar (BTCUSD) trading strategy: Wave (3) appears to have ended and price is now entering a correction phase in wave (4), so wait for the correction to complete to rejoin the trend.

Bitcoin/ US Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.

BTC

BTC/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave B.

Direction next higher degrees: Wave (4).

Details: The corrective wave in Wave (4) before increase again in Wave (5).

Bitcoin/US Dollar (BTC/USD) trading strategy: Wave (3) appears to have ended and price is now entering a correction phase in wave (4), so wait for the correction to complete to rejoin the trend.

Bitcoin/ US Dollar (BTC/USD) technical indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.

Chart

Bitcoin Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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