BTC/USD Elliott Wave technical analysis [Video]
![BTC/USD Elliott Wave technical analysis [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Bitcoin/bitcoin_4_XtraLarge.jpg)
Elliott Wave Analysis TradingLounge Daily Chart, 7 February 24,
Bitcoin /U.S. Dollar(BTCUSD)
BTC/USD Elliott Wave technical analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave B
Direction next higher degrees: Wave (IV)
Wave cancel invalid level: 31046.25
Details: Pull-back of Wave B black before decline again in Wave C Black
Bitcoin /U.S. dollar(BTCUSD)Trading Strategy:
The wave (IV) correction in the Zigzag pattern is currently pulling back in wave B before falling again in wave C, so wait for the correction to complete to rejoin the trend in wave (V).
Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA.
Technical Analyst : Kittiampon Somboonsod.
Elliott Wave Analysis TradingLounge 4Hr Chart, 7 February 24.
Bitcoin /U.S. dollar(BTCUSD).
BTC/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave B.
Direction next higher degrees: Wave (IV).
Wave cancel invalid level: 31046.25.
Details: Wave B Black trend to retest key resistance at 44500 level.
Bitcoin /U.S. dollar(BTCUSD) trading strategy:
The wave (IV) correction in the Zigzag pattern is currently pulling back in wave B before falling again in wave C, so wait for the correction to complete to rejoin the trend in wave (V).
Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, 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.
