Elliott Wave Analysis Daily Chart, April 21, 2023 

Bitcoin /U.S.dollar (BTCUSD)

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 is equal to 1.618 or 2.618 multiplied Length of wave 1 

Wave Cancel invalid level: 15479

Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: The second wave retracement tends to be .50 or .618 of the first wave length. Therefore, there is an important support level in the area of 25342 - 23990.

Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend The wave oscillators above Zero-Line momentum are Bullish.

Elliott Wave Analysis 4H Chart, April 21  

Bitcoin /U.S.dollar (BTCUSD)

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave (A)

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:

Bitcoin /U.S.dollar(BTCUSD)Trading Strategy: The decline of the first corrective wave extends into five waves in an Expanding Diagonal pattern, leading us to expect a zigzag correction and a short-term pullback of wave (B) and a further decline in zigzag. waves (C).

Bitcoin /U.S.dollar(BTCUSD) Technical Indicators: The price is above the MA200 indicating an UpTrend The wave oscillators below Zero-Line momentum are bearish.

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