Bitcoin BTC (BTC-USD) Price Chart Analysis

BTCUSD Elliott Wave Technical Analysis July 19 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: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 24770.53

Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: BTC recovered well from the 24770.53 level and was able to form a strong five-wave structure, giving BTC a chance to create a new upward trend. Still, the price remains in a wave correction (2), so wait for the wave reversal ( 2) complete to join the trend again Watch out for a rise above 30290.80, it is possible that wave C has completed.

Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, 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: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 24770.53

Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: BTC recovered well from the 24770.53 level and was able to form a strong five-wave structure, giving BTC the opportunity to form a new uptrend. Still, the price remains in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.

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