Bitcoin(BTCUSD) Elliott Wave Technical Analysis 23 November 2022

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Elliott Wave Analysis TradingLounge Daily Chart, 23 November 2022,  

Bitcoin(BTCUSD)

BTCUSD Elliott 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 price reverses to an uptrend again.

Wave Cancel invalid level:

 

Bitcoin(BTCUSD) Trading Strategy: Bitcoin price continues to be under heavy selling pressure, below the MA200 MA50, indicating a strong downtrend. The wave oscillator is below the zero line with decreasing momentum. but even so, The bullish divergence is showing signs of reversal, so overall Bitcoin price is likely to reverse again. And the price is expected to trade above 21437, but not reverse below 15479.

 

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

 

TradingLounge Analyst: Kittiampon Somboonsod

 

 

 

 

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 23 November 2022,

Bitcoin(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive  

Structure: Impulse

Position: Wave ((5))

Direction Next higher Degrees:  Wave C of Zigzag

Details: Wave 5 may end at level 15479 and the price is rising again in an uptrend.

Wave Cancel invalid level:

 

Bitcoin(BTCUSD) Trading Strategy: Bitcoin price continues to be under heavy selling pressure, below the MA200 MA50, indicating a strong downtrend. The wave oscillator is below the zero line with decreasing momentum. but even so, The bullish divergence is showing signs of reversal, so overall Bitcoin price is likely to reverse again. And the price is expected to trade above 21437, but not reverse below 15479.

 

Bitcoin(BTCUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator has a Bullish divergence Price maybe reversal.