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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: 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: It looks like the Wave IV correction is complete, so look for opportunities to join the trend from short-term pullbacks.

Bitcoin / U.S. dollar (BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

BTC/USD daily chart

BTCUSD

BTC/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave B

Direction next higher degrees: Wave (2)

Details: Wave (2) is likely to retrace the 61.8% level of wave (1).

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: It looks like the Wave IV correction is complete, so look for opportunities to join the trend from short-term pullbacks.

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is below the MA200 indicating a downtrend.The Wave Oscillator is a Bearish Momentum.

BTC/USD four-hour chart

BTCUSD

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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