Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis June 07 2023

4Hour

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Corrective
Position: Wave(Y)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Wave ((2)) is likely to end at 25354.69. A five-wave rise will confirm this idea.
Wave Cancel invalid level: 25354.69.

Bitcoin/U.S. dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from 25354.69, but has yet to break the MA200 completely. We expect Wave 2 to end at 25354.69. Price is returning to an upward trend. And a five-wave increment would support this idea. But even so, one has to be wary of a correction of wave 2 on smaller scales.

Bitcoin/U.S. dollar (BTCUSD)Technical Indicators: The price is below the MA200 indicating a Down Trend, Wave Oscillator is Bearish momentum

Daily

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Corrective
Position: Wave(Y)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Wave ((2)) is likely to end at 25354.69. A five-wave rise will confirm this idea.
Wave Cancel invalid level: 25354.69.

Bitcoin/U.S. dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25354.69.  level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25354.69. , 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, Wave Oscillator has a Bullish Divergence