BTCUSD Elliott Wave Technical Analysis February 07 2023
4Hour
Bitcoin / U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: wave I of Motive
Details: Wave ((3)) may end and the price throwback in wave ((4))
Wave Cancel invalid level: 18475
Bitcoin / U.S.dollar(BTCUSD)Trading Strategy: Bitcoin in the daily chart is likely to correct after passing the 2.618 wave target ((1)) with a chance to retest the MA200 line and the same level as the wave retracement ((4)) if sustained. It is a good signal to start another upward trend in waves ((5)).
Bitcoin / U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators below Zero-Line Bearish momentum
Daily
Bitcoin / U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: wave I of Motive
Details: Wave ((3)) may end and the price throwback in wave ((4))
Wave Cancel invalid level: 18475
Bitcoin / U.S.dollar(BTCUSD)Trading Strategy: Bitcoin in the daily chart is likely to correct after passing the 2.618 wave target ((1)) with a chance to retest the MA200 line and the same level as the wave retracement ((4)) if sustained. It is a good signal to start another upward trend in waves ((5)).
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
