Bitcoin / U.S.Dollar (BTCUSD) Elliott Wave Technical Analysis 7 December 2022

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Elliott Wave Analysis TradingLounge Daily Chart, 7 December 2022,

Bitcoin / U.S.Dollar (BTCUSD)

BTCUSDElliott 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 / U.S.Dollar (BTCUSD) Trading Strategy: Bitcoin price remains under heavy sellpressure below the MA200 MA50 indicating a strong downtrend. The wave oscillator isbelow the zero line with decreasing momentum. but still The price tends to bottom as thestructure of the 5th wave. has already ended at the level of 15479, therefore it is likely toreverse again. And the price is expected to trade above 21437, but not below 15479.Overall, we still need to trade cautiously as there is still periodic selling pressure.

Bitcoin / U.S.Dollar (BTCUSD) Technical Indicators: The price is below the MA200 MA50,indicating a clear downtrend. The Wave oscillator is below the Zero-Line is a bearishmomentum

TradingLounge Analyst: Kittiampon Somboonsod

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 7 December 2022,

Bitcoin / U.S.Dollar (BTCUSD)

BTCUSDElliott 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 / U.S.Dollar (BTCUSD) Trading Strategy: Bitcoin price remains under heavy sellpressure below the MA200 indicating a strong downtrend. The wave oscillator is below thezero line with decreasing momentum. but still The price tends to bottom as the structure ofthe 5th wave. has already ended at the level of 15479, therefore it is likely to reverse again.And the price is expected to trade above 21437, but not below 15479. Overall, we still needto trade cautiously as there is still periodic selling pressure.

Bitcoin / U.S.Dollar (BTCUSD) Technical Indicators: The price is below the MA200,indicating a downtrend. The Wave oscillator has a Bearish divergence Price reversal.