Bitcoin wave ((4)) pullback in uptrend

Bitcoin/U.S.dollar( BTCUSD) Daily Chart , 27 January 2023,

BTCUSDElliott WaveTechnical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave I of Motive

Details: Wave ((3)) may end and the price throwback in wave ((4))

Wave Cancel invalid level: 18475

Bitcoin/U.S.dollar( BTCUSD) Trading Strategy: Bitcoin Remains in a Strong Uptrend The price moves above the MA200 MA50 and the momentum continues to rise. make the overall picture remain positive But still, wave ((3)) seems to have moved towards the price target. Therefore, the price tends to reverse in wave ((4)) before rising again in wave ((5)), watch out for retracement.

Bitcoin/U.S.dollar( BTCUSD) 4H Chart, 27 January 2023,

BTCUSDElliott WaveTechnical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave I of Motive

Details: Wave ((3)) may end and the price throwback in wave ((4))

Wave Cancel invalid level: 18475

Bitcoin/U.S.dollar( BTCUSD) Trading Strategy: Bitcoin Still in a strong uptrend The price moved above the MA200 MA50, but even then it looks like wave ((3)) has moved towards the price target, and wave oscillators are signaling a slowdown. Therefore, the price tends to reverse in wave ((4)) before rising again in wave ((5)), watch out for retracement.