BTCUSD is showing a classic Elliott Wave pattern suggesting a downward trajectory. With the completion of an upward correction wave (b), we're now potentially entering a bearish wave (c). This could signify the start of a substantial move down, as wave (c) often mirrors or exceeds the length of wave (a) in a correction.
Technical analysis indicates that we could see BTCUSD heading towards the Fibonacci extension levels of wave (a), with 1.0 and 1.618 being key areas of interest for the completion of wave (c). The bearish momentum is supported by the recent peaks facing resistance, signaling a lack of buying power to push prices higher.
Considering the current market sentiment and macroeconomic factors influencing cryptocurrency, a SHORT position may be warranted. The targets for this position would be in line with the Fibonacci levels, and a stop-loss could be set above the end of wave (b) to manage the risk.
As always, while the Elliott Wave provides a framework for understanding market movements, it’s crucial for traders to keep an eye on the news and other indicators that could affect market sentiment and price action.
Technical analysis indicates that we could see BTCUSD heading towards the Fibonacci extension levels of wave (a), with 1.0 and 1.618 being key areas of interest for the completion of wave (c). The bearish momentum is supported by the recent peaks facing resistance, signaling a lack of buying power to push prices higher.
Considering the current market sentiment and macroeconomic factors influencing cryptocurrency, a SHORT position may be warranted. The targets for this position would be in line with the Fibonacci levels, and a stop-loss could be set above the end of wave (b) to manage the risk.
As always, while the Elliott Wave provides a framework for understanding market movements, it’s crucial for traders to keep an eye on the news and other indicators that could affect market sentiment and price action.
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