Bitcoin /U.S.dollar(BTCUSD) Elliott Wave Technical Analysis 25 April 23

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Elliott Wave Analysis TradingLounge Daily Chart, 25 April 23,  

Bitcoin /U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Actionary Corrective (Follow 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: 19559.36

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 below Zero-Line momentum are bearish.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 25 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: 19559.36

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 Below the MA200 indicating a DownTrend The wave oscillators below Zero-Line momentum are bearish.