Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis May 31 2023

4Hour

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 5
Direction Next higher Degrees: wave (C) of Zigzag
Details: Wave (C) is likely to end at the level of 25874.30. A five-wave rise will confirm this idea.
Wave Cancel invalid level: 25874.30

Bitcoin/U.S. dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25874.30 level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25874.30, the price is returning to an upward trend, and a five-wave rise will support this idea.

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are  bullish momentum

Daily

Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave(C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Wave ((2)) is likely to end at the level of 25874.30. A five-wave rise will confirm this idea.
Wave Cancel invalid level: 25874.30

Bitcoin/U.S. dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25874.30 level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25874.30, the price is returning to an upward trend, and a five-wave rise will support this idea.

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are  bullish momentum