Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis June 29 2023

4Hour

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Direction Next higher Degrees: wave (2) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 24770.53

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 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 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