I'm focusing on a potential short opportunity for BTC/USD using Elliott Wave principles. Our analysis indicates that Bitcoin is nearing the completion of its current bullish cycle, with the impulse wave (5) almost finished. This setup usually precedes a notable corrective phase, offering a strategic entry for short positions.
Wave (5) completion: The chart suggests that the market is approaching a high point. The expected corrective sequence, starting with wave (a), could see Bitcoin's price retracing to key Fibonacci levels. We're looking at potential pullbacks to the 0.618 level at 63467, with deeper corrections possibly reaching the 0.5 level at 63325, or further down to 0.382 at 63260.
For traders considering a short position, it's crucial to monitor the end of wave (5) for bearish reversal patterns. This point could provide a lucrative entry for a short, especially if supported by other technical indicators or market sentiment turning negative.
Effective risk management is vital; setting stop losses just above the peak of wave (5) can help mitigate potential losses should the expected downturn not materialize immediately. I’ll keep you updated on this setup and any necessary adjustments based on market developments.
Wave (5) completion: The chart suggests that the market is approaching a high point. The expected corrective sequence, starting with wave (a), could see Bitcoin's price retracing to key Fibonacci levels. We're looking at potential pullbacks to the 0.618 level at 63467, with deeper corrections possibly reaching the 0.5 level at 63325, or further down to 0.382 at 63260.
For traders considering a short position, it's crucial to monitor the end of wave (5) for bearish reversal patterns. This point could provide a lucrative entry for a short, especially if supported by other technical indicators or market sentiment turning negative.
Effective risk management is vital; setting stop losses just above the peak of wave (5) can help mitigate potential losses should the expected downturn not materialize immediately. I’ll keep you updated on this setup and any necessary adjustments based on market developments.
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