Bitcoin is likely to end wave ((2)) at the 24770.53 level

FXstreet
FXstreet

30 Jun 2023 12:37 AM

Elliott Wave Analysis TradingLounge Daily Chart, 29 June 2023, Bitcoin/U.S.dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Reactionar...

  • The Elliott Wave analysis on the 4H chart for Bitcoin/U.S. dollar (BTCUSD) suggests a corrective counter-trend movement in the form of a zigzag pattern.
  • The current position is Wave C, which is expected to retrace around 50% or 61.8% of the length of Wave 1.
  • The invalidation level for this wave is 24770.53.
  • The trading strategy indicates that Bitcoin is likely to end Wave 2 at the level of 24770.53, leading to a reversal and a retest of the MA200 line.
  • The technical indicators show that the price is above the MA200, indicating an uptrend, but the Wave Oscillator has a bearish momentum.

The sentiment in the article is cautious, highlighting the potential risks and the need for careful consideration before making investment decisions.

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You May Ask

What is the current position of the Elliott Wave analysis for BTCUSD on the 4H chart?What is the expected retracement level for Wave C?What is the trading strategy suggested for Bitcoin based on the analysis?What do the technical indicators show regarding the price trend and momentum for BTCUSD?What factors should be considered before acting upon the advice provided by TradingLounge?

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