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Bitcoin(BTCUSD) BTCUSD Elliott Wave Technical Analysis 5 December 2022

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Elliott Wave Analysis TradingLounge Daily Chart, 5 December 2022,  
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive  
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: wave I of Motive
Details:  Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1  
Wave Cancel invalid level: 15479  
Bitcoin(BTCUSD) Trading Strategy: Bitcoin price remains under heavy sell pressure below the MA200 MA50 indicating a strong downtrend. The wave oscillator is below the zero line with decreasing momentum. but still Bullish divergences also show signs of a reversal, so overall Bitcoin price is likely to reverse again. And the price is expected to trade above 21437, but not 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, 5 December 2022,
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive  
Structure: Impulse
Position: Wave 1
Direction Next higher Degrees:  Wave 1 of  Motive
Details:  Sub-wave 1 of wave 3 and Once complete, the price will drop again in wave 2.
Wave Cancel invalid level: 16017
Bitcoin(BTCUSD) Trading Strategy: The Bitcoin price recovery is still doing well, but it needs to be watched carefully as The price is rising to test the key resistance at the MA200, and the Wave oscillator also shows a slowdown. If the price does not pass the resistance test, the price is likely to correct again in wave 2 Sub-wave of wave (3).
Bitcoin(BTCUSD) Technical Indicators: The wave oscillator also shows a slowdown
Buying pressure is exerted and the price may correct again.
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