Image Source: Pixabay
 

Elliott Wave Analysis TradingLounge Daily Chart, 29 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, 29 June 2023.
Bitcoin/U.S.dollar(BTCUSD)
BTCUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Direction Next higher Degrees: wave (2) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 24770.53

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 bearish momentum.

More By This Author:

Bitcoin Elliott Wave Analysis - Wave (c) Of Ii)
Elliott Wave Technical Analysis: Monster Beverage Corp. - Wednesday, June 28
Elliott Wave Technical Analysis: NEO/U.S. Dollar - Wednesday, June 28