If Elliott Wave ABCDE correction goes according to the chart, then it goes as follows:
First, BTC goes to $3900 to $4000. It then drops and breaks the triangle, retests and possibly hits the $3150 support (December low, you can put your take profits in there) and completes Wave 3 as a longer scale movement.
So the entry on the short side - breaking the $3500 price level, would happen around the beginning of February (implying that BTC will hit $3900-$4000 in the meantime). This can either be done with breaking of the trendline or pullback after the initial drop.
At the moment, as long as BTC stays above $3550, we are bullish and aim at either $3900 - $4000 (short term) or $3150 (intermediate term).
Stop losses should also be placed according to your comfort zone, preferrably a little below/above the support/resistance lines; margin should be kept low because after some silence, Bitcoin will probably become volatile again and can wipe a lot of traders out with squeezes to either side.
Safe trading!
First, BTC goes to $3900 to $4000. It then drops and breaks the triangle, retests and possibly hits the $3150 support (December low, you can put your take profits in there) and completes Wave 3 as a longer scale movement.
So the entry on the short side - breaking the $3500 price level, would happen around the beginning of February (implying that BTC will hit $3900-$4000 in the meantime). This can either be done with breaking of the trendline or pullback after the initial drop.
At the moment, as long as BTC stays above $3550, we are bullish and aim at either $3900 - $4000 (short term) or $3150 (intermediate term).
Stop losses should also be placed according to your comfort zone, preferrably a little below/above the support/resistance lines; margin should be kept low because after some silence, Bitcoin will probably become volatile again and can wipe a lot of traders out with squeezes to either side.
Safe trading!