Elliott Wave Analysis TradingLounge Daily Chart, May 31, 2023.

Pixabay

Bitcoin/U.S. Dollar (BITCOMP)

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: Wave ((2)) is likely to end at the level of 25874.30. A five-wave rise will confirm this idea.

Wave Cancel invalid level: 25874.30

Bitcoin/U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25874.30 level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25874.30, 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 MACD and RSI are bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, May 31, 2023.

Bitcoin/U.S. Dollar (BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction Next higher Degrees: wave (C) of Zigzag

Details: Wave (C) is likely to end at the level of 25874.30. A five-wave rise will confirm this idea.

Wave Cancel invalid level: 25874.30

Bitcoin/U.S. Dollar (BTCUSD)Trading Strategy: Bitcoin has recovered well from the 25874.30 level and can still hold above the MA200 line, leading us to expect Wave 2 to end at 25874.30, 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 MACD and RSI are bullish momentum.

More By This Author:

Elliott Wave Technical Analysis: DexCom Inc. - Tuesday, May 30
Elliott Wave Technical Analysis: Dogecoin/U.S. Dollar - Tuesday, May 30
Stocks Bullish Trend - Elliott Wave Technical Analysis