Wave II correction appears to be over at the 81.485 level and the price is likely to be bullish again. We are looking at a five-wave increase. to support this idea.

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillators a bullish Momentum.

Elliott Wave Analysis TradingLounge 4Hr Chart, 19 February 24,

Bitcoin/ U.S. dollar(BTCUSD)

BTC/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave V.

Direction next higher degrees: Wave (III).

Wave cancel invalid level: 31046,25.

Details: The five-wave increase in wave V.

Bitcoin/ U.S. dollar(BTCUSD) trading strategy:

The unfinished rise of Wave (III) continues to extend into Wave V and has a chance to test the 56632,83 level, which is the 200% level of Wave (I).

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillators a bullish Momentum.

Author

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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BTC/USD Elliott Wave technical analysis [Video]