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Bitcoin/U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 1 August 23


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Elliott Wave Analysis TradingLounge Daily Chart, 1 August 23,  

Bitcoin/U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (C)

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

Details: We are considering the termination of wave ((2)) from breaking the upper parallel channel.

Wave Cancel invalid level: 24770.53

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: A correction in wave ((2)) is still developing and a retracement of wave ((2)) usually .50 or .618 x Length wave ((1)) may be the last phase of the correction. We are waiting for the correction to complete to join the trend again. If the price breaks out of the parallel channel, it could be a signal of the beginning of a new trend.

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

 

BTCDay.thumb.png.29763c86a9b035c673df50b189c33b8f.png

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 1 August 23,  

Bitcoin/U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (C)

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

Details: We are considering the termination of wave ((2)) from breaking the upper parallel channel.

Wave Cancel invalid level: 24770.53

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: A correction in wave ((2)) is still developing and a retracement of wave ((2)) usually .50 or .618 x Length wave ((1)) may be the last phase of the correction. We are waiting for the correction to complete to join the trend again. If the price breaks out of the parallel channel, it could be a signal of the beginning of a new trend.

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is Below the MA200 indicating a Down trend, Wave Oscillator are bullish momentum.

BTCH4.thumb.png.6e2f1e1661053289362531e8c5ff922a.png

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