Bitcoin / U.S.dollar(BTCUSD) Elliott Wave Technical Analysis, 13 January 23

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Elliott Wave Analysis TradingLounge Daily Chart, 13 January 23, 

Bitcoin / U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 3

Direction Next higher Degrees: wave ((3)) of Motive

Details: The gain of wave ((3)) is usually 1.618 x the length of wave ((1)).

Wave Cancel invalid level: 16293

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: Bitcoin is likely to recover well as the price managed to break through the MA50, but even so, the price is still below the MA200. The price may be at the beginning of the rally. Causing there is still a chance to be pressured by sales pressure Trading during this period must be done carefully.

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. the Wave Oscillator above Zero-Line momentum is Bullish.

TradingLounge Analyst: Kittiampon Somboonsod

 

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 13 January 23,  

Bitcoin / U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 4

Direction Next higher Degrees: wave 4 of Motive

Details: Wave 4 usually retraces 32.8% of wave 3.

Wave Cancel invalid level: 16977

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: Bitcoin on the 4-hour chart has recovered well from the level of 16295 and has also managed to break through the MA200 and MA50, giving the price a chance to turn upward. and could lead to a price target at the level of 17706

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.