BTCUSD Elliott Wave Technical Analysis March 11 2023
4Hour
Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next higher Degrees: wave II of Motive
Details: Retracement of wave II equal to .618 x Length wave I at 19237.49
Wave Cancel invalid level: 15479
Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin is still in a correction phase. With a fall from the level of 25270 to 19569, we expect a double corrective correction and tend to go down to 19237, which is the wave II retracement level usually equals .618 x wave I. Therefore, Wait for wave II to complete to join the trend again.
Daily
Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next higher Degrees: wave II of Motive
Details: Retracement of wave II equal to .618 x Length wave I at 19237.49
Wave Cancel invalid level: 15479
Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin is still in a correction phase. With a fall from the level of 25270 to 19569, we expect a double corrective correction and tend to go down to 19237, which is the wave II retracement level usually equals .618 x wave I. Therefore, Wait for wave II to complete to join the trend again.
Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a DownTrend. The wave oscillators below Zero-Line momentum are bearish
