BTCUSD Elliott Wave Technical Analysis May 07 2023
4Hour
Bitcoin /U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave(B)
Direction Next higher Degrees: wave ((2)) of Motive
Details: There is still a risk of further decline from wave C correction.
Wave Cancel invalid level: 19559.36
Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: There is further downside risk from wave C correction, which keeps the overall picture in a short-term downtrend. Wait for the correction to complete to join the trend again.
Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend MACD and RSI are Bearish Momentum
Daily
Bitcoin /U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave(B)
Direction Next higher Degrees: wave ((2)) of Motive
Details: There is still a risk of further decline from wave C correction.
Wave Cancel invalid level: 19559.36
Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: There is still a risk of a correction in waves ((2)), which is in line with a bearish divergence signal, giving the overall price a chance to test the MA200 line before rising again.
Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend MACD and RSI has a Bearish divergence
