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Bitcoin / U.S.dollar (BTCUSD) Elliott Wave Technical Analysis 5 December 2022


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Elliott Wave Analysis TradingLounge Daily Chart, 15 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 has recovered well from the 15479level, and a Bullish Divergence signal from the wave oscillator, so the uptrend prospectsremain bright. But even so, the price will test the MA50 line if it fails to pass. The price mayundergo another retracement in an uptrend.

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is below the MA200,indicating a downtrend. the wave oscillator has a Bullish Divergence signal price maychange in an uptrend

TradingLounge Analyst: Kittiampon Somboonsod

 

2146079689_BTCDay.thumb.png.dd43496d087a92c7fde683a875e5d48c.png

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 15 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 1 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:16017

Bitcoin / U.S.dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 15479level and the price continues to be driven by constant buying pressure. Moreover, the pricehas managed to break through the MA200 and MA50 lines, thus the uptrend opportunity isstill in play. And the price is likely to trade above the 19500 level.

Bitcoin / U.S.dollar (BTCUSD) Technical Indicators: The price is above the MA200 MA50,indicating an Uptrend. The wave oscillators above Zero-Line Momentum are bullish.

98399129_BTCH4.thumb.png.412d06dc3ab1ad2b2c4b65422de733fa.png

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Cosmos’s Price Forecast 

The price volatility has reduced a lot in the past month. With a rise in positive social sentiments towards the end of the year, carried forward by growing volumes, and the rollout of the Epilson upgrade woud turn imperative in the propulsion of the price.

Which could soar to its potential high of $13.8708 for cosmos by the end of December as projected by Coinpedia.

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