Bitcoin is likely to end wave ((2)) at the 24770.53 level

Peter Mathers TradingLounge

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.

Source: tradinglounge com TradingLounge Analyst: Kittiampon Somboonsod, CEWA.

Daily Chart

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.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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