Elliot Wave Technical Analysis: BTC/USD

Elliott Wave Analysis TradingLounge Daily Chart, 19 May 23,

Bitcoin / U.S. Dollar

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: It is possible that wave ((2)) may have ended at the level of 25830.60. five wave rise And breaking level 28338.31 will support this idea.

Wave Cancel invalid level: 19559.36

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy: It is possible that wave ((2)) may have ended at the level of 25830.60. And breaking the level 28338.31 will support this idea. But even so, the price is still in a downtrend. Trading still needs to be done carefully.

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

(Click on image to enlarge)

Elliott Wave Analysis TradingLounge 4H Chart, 19 May 23,

Bitcoin / U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 2

Direction Next higher Degrees: wave (1) of Motive

Details: Wave 3 is usually equal to 1.618 multiplied Length of wave 1

Wave Cancel invalid level: 25830.60

Bitcoin / U.S. Dollar (BTCUSD) Trading Strategy: We expect wave ((2)) to have ended at the 25830.60 level and a five-wave rise will support this idea. But even then, there is a risk of falling below the MA200.

Bitcoin / U.S. Dollar (BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bullish momentum.

(Click on image to enlarge)