Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis July 09 2023

4Hour

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
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 has recovered well from the 24770.53 level and was able to form a strong five-wave structure, giving Bitcoin the opportunity to form a new uptrend. Still, the price remains in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again, as wave (2) tends to support .50 level. or .618 x Length wave ((1))

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are  bullish momentum

Daily

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
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 has recovered well from the 24770.53 level and was able to form a strong five-wave structure, giving Bitcoin the opportunity to form a new uptrend. Still, the price remains in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again, as wave (2) tends to support .50 level. or .618 x Length wave ((1))

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are  bullish momentum