Cryptocurrencies

BTCUSD Elliott Wave Technical Analysis 11 January 2023

4 Hour

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 5 of Motive
Details:  Wave V is likely to end at level 15479 and the price is turning into an uptrend again.
Wave Cancel invalid level: 15479.00

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: Bitcoin on the 4-hour chart has recovered well from the level of 16295 and has also managed to break through the MA200 and MA50, giving the price a chance to turn upward. and could lead to a price target at the level of 17706

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is above the MA200 MA50, 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 V
Direction Next higher Degrees: wave V of Motive
Details:  Wave V is likely to end at level 15479 and the price is turning into an uptrend again.
Wave Cancel invalid level: 15479.00

Bitcoin / U.S. dollar (BTCUSD) Trading Strategy: Bitcoin is likely to recover well as the price managed to break through the MA50, but even so, the price is still below the MA200. The price may be at the beginning of the rally. Causing there is still a chance to be pressured by sales pressure Trading during this period must be done carefully.

Bitcoin / U.S. dollar (BTCUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. the Wave Oscillator above Zero-Line momentum is Bullish