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.

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