Bitcoin(BTCUSD) Elliott Wave Technical Analysis 15 November 2022

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Elliott Wave Analysis TradingLounge Daily Chart, 15 November 2022,

Bitcoin(BTCUSD)

BTCUSDElliott Wave Technical Analysis

Function:Follow trend

Mode:Motive

Structure:Impulse

Position: Wave ((5))

Direction Next higher Degrees: Sub-wave of Wave C

Details: The decline of wave 5 at the end of a downtrend, upon its completion, the pricereverses to an uptrend again.

Wave Cancel invalid level:

Bitcoin(BTCUSD) Trading Strategy: Bitcoin price continues to be heavily pressured byselling pressure. The price is below the MA200 MA50 indicating a clear downtrend.The wave oscillator is below the zero line with downward momentum. But even then,there are starting to show signs of reversal in Bullish divergence, so overall Bitcoinprice is likely to reverse up again and the price is likely to trade above the 21437 level.

Bitcoin(BTCUSD) Technical Indicators: The price is below the MA200 MA50, indicatinga clear downtrend. The Wave oscillator is below the Zero-Line is a bearish momentum

TradingLounge Analyst: Kittiampon Somboonsod

 

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 15 November 2022,

Bitcoin(BTCUSD)

BTCUSDElliott Wave Technical Analysis

Function:Follow trend

Mode:Motive

Structure:Impulse

Position: Wave ((1))

Direction Next higher Degrees:

Details: The previous 5 wave is likely to end. And the price is rising again in an uptrend. butmust not descend below 15784

Wave Cancel invalid level:15784

Bitcoin(BTCUSD) Trading Strategy: Bitcoin price continues to be heavily pressured byselling pressure. The price is below the MA200 MA50 indicating a clear downtrend.The wave oscillator is below the zero line with downward momentum. But even then,the price started a bull rally at the 18150 level, so as a whole, Bitcoin is likely toreverse its uptrend again and the price is likely to trade above the 21437 level, but notbelow the 15784 level.

Bitcoin(BTCUSD) Technical Indicators: The price is below the MA200 MA50, indicatinga clear downtrend. The Wave oscillator is below the Zero-Line is a bearish momentum.