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Bitcoin/U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 17 October 23


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Elliott Wave Analysis TradingLounge Daily Chart, 17 October 23, 
Bitcoin/U.S. dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave((B))
Direction Next higher Degrees: wave (B) or (II) 
Wave Cancel invalid level: 15473
Details: the increase of wave B before decline in wave C

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy:  Although we are seeing a good recovery for Bitcoin from the 26541 level, the price structure is a bullish rally. The three waves moving within the channel are corrective, giving us a bearish view on Bitcoin.

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend,  RSI is a Bullish Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA





Elliott Wave Analysis TradingLounge 4H Chart, 17 October 23,  
Bitcoin/U.S. dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave((B))
Direction Next higher Degrees: wave (B) or (II) 
Wave Cancel invalid level: 15473
Details: the increase of wave B before decline in wave C

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy:  Although we are seeing a good recovery for Bitcoin from the 26541 level, the price structure is a bullish rally. The three waves moving within the channel are corrective, giving us a bearish view on Bitcoin.

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend,  RSI is a Bullish Momentum.

Crypto23(1).thumb.png.0a8d1abd47ecd2748d697cd8875e5373.png

Crypto 23.png

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  • 2 months later...

The bearishness is just way too much in the market . Unless $BTC gets above the red box , This pattern is playing out sooner. Drop can be too deep from here to stomach that kinda volatility..

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Edited by Imam
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