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Bitcoin /U.S.dollar(BTCUSD) Elliott Wave Technical Analysis 19 May 23

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Elliott Wave Analysis TradingLounge Daily Chart, 19 May 23,  

Bitcoin /U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave(C)

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

Details: It is possible that wave ((2)) may have ended at the level of 25830.60. five wave rise And breaking level 28338.31 will support this idea.

Wave Cancel invalid level: 19559.36

Bitcoin /U.S. dollar (BTCUSD) Trading Strategy: It is possible that wave ((2)) may have ended at the level of 25830.60. And breaking the level 28338.31 will support this idea. But even so, the price is still in a downtrend. Trading still needs to be done carefully.

Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA




Elliott Wave Analysis TradingLounge 4H Chart, 19 May 23,  

Bitcoin /U.S.dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 2

Direction Next higher Degrees: wave (1) of Motive

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

Wave Cancel invalid level: 25830.60

Bitcoin /U.S. dollar (BTCUSD) Trading Strategy: We expect wave ((2)) to have ended at the 25830.60 level and a five-wave rise will support this idea. But even then, there is a risk of falling below the MA200.

Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bullish momentum.


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