Bitcoin and the wave reversal ((4)) in an uptrend 31-01-23

Daily Chart , 31 January 2023,

Bitcoin/ U.S.dollar( BTCUSD)

BTCUSDElliott WaveTechnical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((4))

Direction Next higher Degrees: wave I of Motive

Wave Cancel invalid level: 18475

Bitcoin/ U.S.dollar( BTCUSD) Trading Strategy:Bitcoin on the daily chart There is a tendency to correct after passing the target price at the level of 2.618 of the wave ((1)), with a chance to test the MA200 line. It is also the same level as the wave reversal level ((4). Good signal to start another uptrend in waves ((5)).

4H Chart, 31 January 2023,

Bitcoin/ U.S.dollar( BTCUSD)

BTCUSDElliott WaveTechnical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave I of Motive

Wave Cancel invalid level: 18475

Bitcoin/ U.S.dollar( BTCUSD) Trading Strategy: Bitcoin is likely to correct after passing the 2.618 wave target ((1)), with a chance to test the MA200 line, and also the same level as the wave retracement ((4), if sustained. It is a good sign to start another uptrend in waves ((5)).