Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis August 03 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: Wave (C) opportunity complete at 28639.62 and the price rise again in wave ((3))
Wave Cancel invalid level: 28639.62

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy:It is possible that Wave ((2)) Green will end at the level of 28612.00 and a rise above 30033.50 will support this idea. Also, the Wave Oscillator has a bullish divergence signal from here, it will be an opportunity for us to enter. join the trend again

Bitcoin/U.S. dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a Down trend, 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: We are considering the termination of wave ((2)) from breaking the upper parallel channel.
Wave Cancel invalid level: 24770.53

Bitcoin/U.S. dollar(BTCUSD)Trading Strategy: It is possible that Wave ((2)) Green will end at the level of 28612.00 and a rise above 30033.50 will support this idea. In addition, the price remains above the MA200 line, making the overall price remain in an uptrend. From this point it will be an opportunity for us to join the trend again.

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