Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis June 23 2023

4Hour

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 4
Direction Next higher Degrees: wave (1) of Motive
Details: Retracement of wave ((4)) usually .382 x Length wave ((3))
Wave Cancel invalid level: 26813.46

Bitcoin/U.S. dollar (BTCUSD)Trading Strategy: Bitcoin is likely to end Wave ((2)) at the level of 24770.53, which is enough to reverse Wave((2)) in line with a retest of the MA200 line. This makes us expect a five-wave movement. to support this idea And it could be the start of a new uptrend.

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator has a Bullish 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 the level of 24770.53 A five-wave rise from this point will support this idea.
Wave Cancel invalid level: 24770.53

Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin is likely to end Wave ((2)) at the 24770.53 level, which is enough to reverse Wave((2)) in line with a healthy rebound from the MA200 level, giving us a five-wave movement. to support this idea And it could be the start of a new uptrend.

Bitcoin/U.S.dollar (BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator has a Bullish momentum