BTCUSD Elliott Wave Technical Analysis March 13 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: Wave ((Y)) is likely to end at 19569 and a five-wave rise. From this level, it helps to confirm this notion.
Wave Cancel invalid level: 15479
Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin has recovered well from the 19569 level, which is close to the wave II retracement of .618 x Wave I, and a five-wave rally from this level supports this notion. This allows us to expect trading above the 25270 level and this may lead to wave III price target at 35366.
Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend. The wave oscillators above Zero-Line momentum are bullish
Daily
Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave III
Direction Next higher Degrees: wave (I) of Motive
Details: Wave 3 is equal to 1.618 multiplied Length of wave 1 at 35366
Wave Cancel invalid level: 15479
Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin has recovered well from the 19569 level, which is close to the wave II retracement of .618 x Wave I, and a five-wave rally from this level supports this notion. This allows us to expect trading above the 25270 level and this may lead to wave III price target at 35366.
Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend. The wave oscillators below Zero-Line momentum are bearish
