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Bitcoin /U.S.dollar(BTCUSD) Elliott Wave Technical 21April 23 Analysis


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Elliott Wave Analysis TradingLounge Daily Chart, 21April 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: The second wave retracement tends to be .50 or .618 of the first wave length. Therefore, there is an important support level in the area of 25342 - 23990.

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.2404b5a84c53d984a5ddd030afc62f0f.png

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 21 April 23,  

Bitcoin /U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave (A)

Direction Next higher Degrees: wave ((2)) of Motive

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level:

Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: The decline of the first corrective wave extends into five waves in an Expanding Diagonal pattern, leading us to expect a zigzag correction and a short-term pullback of wave (B) and a further decline in zigzag. waves (C).

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

BTCH4.thumb.png.521cb935853c3651824e376488c34692.png

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