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


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Elliott Wave Analysis TradingLounge Daily Chart, 25 October 23, 
Bitcoin/U.S. dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave((3))
Direction Next higher Degrees: wave I of Impulse 
Wave Cancel invalid level: 
Details: Impulse's five-wave rise.

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: Bitcoin surges sharply Supported by good news Following the approval of Bitcoin spot ETFs, we predict five Impulse Waves, with the current third wave increasing at the end of the day. Watch out for a correction in the fourth wave before rising again in the fifth wave.

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, 25 October 23,  
Bitcoin/U.S. dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave((3))
Direction Next higher Degrees: wave I of Impulse 
Wave Cancel invalid level: 
Details: Impulse's five-wave rise.

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: Bitcoin surges sharply Supported by good news Following the approval of Bitcoin spot ETFs, we predict five Impulse Waves, with the current third wave increasing at the end of the day. Watch out for a correction in the fourth wave before rising again in the fifth wave.

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

Crypto23.thumb.png.ec6d5fb036c15a17fe840a53b086893c.pngCrypto23(1).thumb.png.be7e3ca91800f71c233bad48c2179290.png

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Bitcoin surged to an almost eighteen-month high as cryptocurrencies continued to gain in trade with Asia. On Tuesday, October 24, Bitcoin surged over 6% to $35,198, or around Rs 29.2 lakh, the highest level since May 2022. In its strongest session in over a year, it rose 10% on Monday. The cryptocurrency surge is "good news" for MicroStrategy since its bitcoin (BTC) assets have once again become profitable.

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