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Elliott Wave Analysis TradingLounge Daily Chart, 23 June 2023. 

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 the level of 24770.53 A five-wave rise from this point will support this idea.

Wave Cancel invalid level: 24770.53

Bitcoin/U.S. Dollar(BTCUSD) Trading Strategy: Bitcoin is likely to end Wave ((2)) at the 24770.53 level, which is enough to reverse Wave((2)) in line with a healthy rebound from the MA200 level, giving us a five-wave movement. to support this idea And it could be the start of a new uptrend.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator has a Bullish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 23 June 2023.  

Bitcoin/U.S. Dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 4

Direction Next higher Degrees: wave (1) of Motive

Details: Retracement of wave ((4)) usually .382 x Length wave ((3))

Wave Cancel invalid level: 26813.46

Bitcoin/U.S. Dollar (BTCUSD) Trading Strategy: Bitcoin is likely to end Wave ((2)) at the level of 24770.53, which is enough to reverse Wave((2)) in line with a retest of the MA200 line. This makes us expect a five-wave movement. to support this idea And it could be the start of a new uptrend.

Bitcoin/U.S. Dollar (BTCUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillator has a bullish momentum.

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