BTCUSD Elliott Wave Technical Analysis 07 December 2022
4 Hour
Bitcoin / U.S.Dollar (BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave 1
Direction Next higher Degrees: Wave 1 of Motive
Details: Sub-wave 1 of wave 3 and Once complete, the price will drop again in wave 2.
Wave Cancel invalid level: 16017
Bitcoin / U.S.Dollar (BTCUSD) Trading Strategy: Bitcoin price remains under heavy sell pressure below the MA200 indicating a strong downtrend. The wave oscillator is below the zero line with decreasing momentum. but still The price tends to bottom as the structure of the 5th wave. has already ended at the level of 15479, therefore it is likely to reverse again. And the price is expected to trade above 21437, but not below 15479. Overall, we still need to trade cautiously as there is still periodic selling pressure.
Bitcoin / U.S.Dollar (BTCUSD) Technical Indicators: The price is below the MA200, indicating a downtrend. The Wave oscillator has a Bearish divergence Price reversal
Daily
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 Motive
Details: Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1
Wave Cancel invalid level: 15479
Bitcoin / U.S.Dollar (BTCUSD) Trading Strategy: Bitcoin price remains under heavy sell pressure below the MA200 MA50 indicating a strong downtrend. The wave oscillator is below the zero line with decreasing momentum. but still The price tends to bottom as the structure of the 5th wave. has already ended at the level of 15479, therefore it is likely to reverse again. And the price is expected to trade above 21437, but not below 15479. Overall, we still need to trade cautiously as there is still periodic selling pressure.
Bitcoin / U.S.Dollar (BTCUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator is below the Zero-Line is a bearish momentum
