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Bitcoin Elliott Wave technical analysis [Video]

Bitcoin Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

Elliott Wave Analysis TradingLounge.

Bitcoin/ U.S. dollar(BTCUSD).

BTC/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave (3).

Direction Next higher Degrees: Wave V.

Wave cancel invalid level: 

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

Bitcoin/ U.S. 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.

Chart

Bitcoin/ U.S. dollar(BTCUSD).

BTC/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave (4).

Direction next higher degrees: Wave ((3)).

Wave cancel invalid level: 

Details: Retracement of wave 4 before rising again in wave 5.

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

Chart

Technical analyst: Kittiampon Somboonsod.

BTC/USD 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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