BINANCE:BTCUSDT targeting 68K. Bitcoin's correction is going by trendline, it looks it is going to hit 68K once again.
Trade closed: target reached
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Target reached. For now need to do some careful observation, if price will be stable , next target is 72K. If price goes below 61K, next target shall be 54K.
Trade active
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Price is managing to hold above 65K. Yesterday after hitting 68K, buyers managed to push price above global channel's mid resistance level that is 70K, RSI indicator shows there is a plenty room for potential higher growth. I'm moderately accpecting 72K.
Comment
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On futures trading target 72K reached. Now, I expect price drop to 60K, the key area is 72K, if price will manage hold above 72K next target is 75K. For now this trade is closed.
You need to believe your own statements about trend lines. Yes, further observation is good, prudent, but follow your analysis. The trend is your friend, and Bitcoin is a highly trending market. Corrections occur only when Elliott wave sequences are complete, for nothing else, save for black-swan events. The market knows everything there is to know, and the price reflects this.
Adilforgood
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@unbeldi, Thank you for sharing your thougts. Nevertheless, I was targeting 68K, so I feel suttisfied when the target was hit. Elliot Wave theory is good indicator, still, as all other instruments it has own limitations too. One has to be coldblooded, performing zero emotions in trading crypto. I hope BTC will reach higher prices, but this is emotion.
unbeldi
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@Adilforgood, well, the only thing I disagree with, is that Elliott wave is an indicator. EWT reflects the manner the market is built, it is the essence of the market. Elliott called it “Nature’s Law”, and in my years in this, I have nothing to contradict him.
Adilforgood
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@unbeldi, Reason why I say EW is indicator, cause in fact using this methodology it may give one some indications on where/how the price might move. And, yes, it is well respected theory and I share the same view that Mr.Elliot has found the God's law, same as God's law in physics and other sciences.
unbeldi
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@Adilforgood, thank you for the reply. I understand now.