I´m considering Bitcoin´s short term recovery to be a corrective movement. I see two major resistance areas for the end of wave C:
- 32800 (100% A-B extension)
- 36000 (161,8% A-B extension and broken support area)
I was able to get a great entry at 28,965, and will take partial profit in the first level above, and depending of the reaction to 36k I´ll close the trade.
The bad news for those who aren´t in a trade is that we´re very overbought in the H4 timeframe, and there´s quite some room for retracement, so the risk-reward ratio is not favorable at current levels.
- 32800 (100% A-B extension)
- 36000 (161,8% A-B extension and broken support area)
I was able to get a great entry at 28,965, and will take partial profit in the first level above, and depending of the reaction to 36k I´ll close the trade.
The bad news for those who aren´t in a trade is that we´re very overbought in the H4 timeframe, and there´s quite some room for retracement, so the risk-reward ratio is not favorable at current levels.
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📈 Experienced Crypto trader
👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
linktr.ee/stoic.trader
👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
linktr.ee/stoic.trader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.