Elliott Wave Analysis TradingLounge Daily Chart, Wednesday, June 7.

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Bitcoin/U.S. Dollar (BITCOMP)

BTCUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Corrective

Position: Wave(Y)

Direction Next higher Degrees: wave ((2)) of Motive

Details: Wave ((2)) is likely to end at 25354.69. A five-wave rise will confirm this idea.

Wave Cancel invalid level: 25354.69.

Bitcoin/U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25354.69. level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25354.69. , 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, Wave Oscillator has a Bullish Divergence.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, Wednesday, June 7

Bitcoin/U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Corrective

Position: Wave(Y)

Direction Next higher Degrees: wave ((2)) of Motive

Details: Wave ((2)) is likely to end at 25354.69. A five-wave rise will confirm this idea.

Wave Cancel invalid level: 25354.69.

Bitcoin/U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from 25354.69, but has yet to break the MA200 completely. We expect Wave 2 to end at 25354.69. Price is returning to an upward trend. And a five-wave increment would support this idea. But even so, one has to be wary of a correction of wave 2 on smaller scales.

Bitcoin/U.S. Dollar (BTCUSD)Technical Indicators: The price is below the MA200 indicating a Down Trend, Wave Oscillator is Bearish momentum.

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