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07/15/2024 03:12:00 GMT

Bitcoin Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

BTC/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave (V).

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

Details: The five-wave Increase of Wave (V).

Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: Overall, Bitcoin looks like the correction has ended at the 53,534 level and the price is rising again in a wave (V) likely to rise above 72,660, so look for an opportunity to join the uptrend.

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 daily chart

Chart

BTC/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective .

Structure: Zigzag.

Position: Wave A.

Direction Next higher Degrees: Wave V of Impulse.

Details: wave ((2)) Is Equal to 61.8% of Wave ((1)) at 0.1373.

Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: Overall, Bitcoin looks like the correction has ended at the 53,534 level and the price is rising again in a wave (V) likely to rise above 72,660, so look for an opportunity to join the uptrend.

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 four-hour chart

BTC

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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