Bitcoin Elliott Wave technical analysis [Video]

Elliott Wave Analysis TradingLounge.

BTC/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave ((B)).

Direction next higher degrees: Wave IV.

Wave cancel invalid level:

BTC/USD trading strategy: BTC/USD is currently in a Corrective Wave IV structure that is currently in wave B of IV and may go up before going down. The structure is expected to be a Flat Correction with wave C possibly going down to test the support level of 87,735.

Trading strategies

Buy strategy (long position):

• Look for opportunities to join short-term uptrends.

• The uptrend target is 106,000 - 109,000 USD.

Risk management:

• If it drops below 91,000 USD, a new structure must be considered.

BTC/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave ((B)).

Direction next higher degrees: Wave IV.

Wave cancel invalid level:

BTC/USD trading strategy: BTC/USD is currently in a Corrective Wave IV structure that is currently in wave B of IV and may go up before going down. The structure is expected to be a Flat Correction with wave C possibly going down to test the support level of 87,735.

Trading strategies

Buy strategy (long position):

• Look for opportunities to join short-term uptrends.

• The uptrend target is 106,000 - 109,000 USD.

Risk management:

• If it drops below 91,000 USD, a new structure must be considered.

Bitcoin Elliott Wave technical analysis [Video]