Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis June 03 2023

4Hour

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 5
Direction Next higher Degrees: wave (C) of Zigzag
Details: Wave (C) is likely to end at the level of 25874.30. A five-wave rise will confirm this idea.
Wave Cancel invalid level: 25874.30

Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Wave ((2)) trend end at the level of 26515, five rising waves will support this idea. but even so Price Remains in Bear Market Control As it is below the MA200 line, there is still a risk of entering a long position.

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are  Bearish momentum

Daily

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave(C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Wave ((2)) is likely to end at the level of 25874.30. A five-wave rise will confirm this idea.
Wave Cancel invalid level: 25874.30

Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25874.30 level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25874.30, the price is returning to an upward trend, and a five-wave rise will support this idea.

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are  Bullish momentum