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


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Elliott Wave Analysis TradingLounge Daily Chart, 13 April 23,  

Bitcoin /U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 is equal to 1.618 or 2.618 multiplied Length of wave 1 

Wave Cancel invalid level: 15479

Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: Bitcoin Remains in a Strong Uptrend It was able to keep above the MA200 and MA50 lines and also managed to break through the upper parallel channel. Thus, the view remains a steady rise of wave ((3)) that tends to be 1.618 or 2.618 times the length of wave ((1)) at levels 35433 and 45222.

Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend The wave oscillators above Zero-Line momentum are Bullish.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

 

BTCDay.thumb.png.0e690fc907a1f484ea80d622df9c56e1.png

 

Elliott Wave Analysis TradingLounge 4H Chart, 13 April 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: Wave (3) is equal to 1.618 Length of wave (1) 

Wave Cancel invalid level: 27824.73

Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: Bitcoin Remains in a Strong Uptrend It was able to keep above the MA200 and MA50 lines, the view remains a steady rise of wave ((3)) that tends to be 1.618 times the length of wave ((1)) at levels 31503.

Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend The wave oscillators above Zero-Line momentum are Bullish.

BTCH4.thumb.png.f75f519c8d73cd39420c8c947240bf71.png

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    • Coffee Elliott Wave Analysis Function - Counter-Trend Mode - Correction Structure - Double Zigzag for blue Y Position - Wave C of (B) Direction - Wave C of (B) is still in progress Details - We recounted Coffee on all time frames. However, we expect the commodity to ascend after completing the zigzag wave (B) around the Fibonacci reversal zone of 212.9-203.9. Invalidation level is at 192.30. Coffee Elliott Wave Analysis Overview: In the long term, Coffee prices have been on a bullish run since October 2023. Despite several pullbacks, each previous top has been consistently breached. The last top was made in April 2024 at 245.5, followed by a decline to 192.3 within three weeks, extending to May 7th. Notable recoveries started from there. However, prices have yet to breach 245.5 to confirm the continuation of the bullish sequence from October 2023.   Daily Chart Analysis: Since January 2023, a double zigzag structure has been unfolding. Wave W (circled) finished on April 18th at 245.5, and the corresponding wave X (circled) was completed at 192.3 on May 7th, where wave Y (circled) began. Wave (A) of Y appears to have concluded with the impulse surge to the current peak in June 2024. Prices are now correcting into wave (B). If wave (B) completes above 192.3, buyers should gain the advantage to push prices higher, especially above the 245.5 top.   H4 Chart Analysis: On the H4 chart, wave (B) is subdividing into a zigzag structure, potentially completing around the 212.9-203.9 Fibonacci zone before turning upside in wave (C) above 245.5. Alternatively, prices might move sideways between the 245.5 and 192.3 extremes, suggesting a triangle structure for wave X (circled).   Summary: In conclusion, Coffee prices remain bullish with potential for further gains, contingent on the completion of the current corrective wave (B). Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!  
    • I have not tried AI for analysis; it is exciting to me, but unclear. It would be interesting to see some kind of training video with an example of use.
    • Thank you for the in-depth and detailed analysis with the graph.
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