Analyzing the Bitcoin (BTCUSD) 45-minute chart using Elliott Wave Theory, the chart suggests the following:
- The chart appears to have completed wave (5) of the impulse wave, indicating the start of a corrective phase.
- The corrective waves are labeled as (a), (b), and (c), forming a potential ABC correction pattern.
- The projected targets for wave (c) are:
- 0.618 extension level at 66110
- 1.0 extension level at 63965
- 1.618 extension level at 60495
These targets are derived from the Fibonacci extensions based on the lengths of waves (a) and (b). The setup suggests a potential short trade, aiming for these levels as take-profit points.
- The chart appears to have completed wave (5) of the impulse wave, indicating the start of a corrective phase.
- The corrective waves are labeled as (a), (b), and (c), forming a potential ABC correction pattern.
- The projected targets for wave (c) are:
- 0.618 extension level at 66110
- 1.0 extension level at 63965
- 1.618 extension level at 60495
These targets are derived from the Fibonacci extensions based on the lengths of waves (a) and (b). The setup suggests a potential short trade, aiming for these levels as take-profit points.
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