BTC correction before bullish continuation?
DISCLAIMER: Im not an Elliot Waves guru but only use the waves as a reference of a trend.
BTC seems to have finished a three waves correction after which is seems to have started a new trend. What we know about trends is that it moves in waves as well, impulse correction, impulse correction, impulse correction...
On a lower timeframe we can see a perfect pullback to the Fib 0.618 level.
After which it surpassed the previous top creating a higher low followed by a higher high. Up next? Higher Low (if it is a valid trend). Taking the Fib from the low to the high of the latest impulse we get to the 50K area.
This corrective leg down should consist of three sub waves, which would look something like this:
As said if the trend is valid, the price should never go below the previous low so that is where you should place the stop for this idea.
The final impulsive wave of this set might not go directly to 74K but that would be my ultimate upper target.
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Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
BTC seems to have finished a three waves correction after which is seems to have started a new trend. What we know about trends is that it moves in waves as well, impulse correction, impulse correction, impulse correction...
On a lower timeframe we can see a perfect pullback to the Fib 0.618 level.
After which it surpassed the previous top creating a higher low followed by a higher high. Up next? Higher Low (if it is a valid trend). Taking the Fib from the low to the high of the latest impulse we get to the 50K area.
This corrective leg down should consist of three sub waves, which would look something like this:
As said if the trend is valid, the price should never go below the previous low so that is where you should place the stop for this idea.
The final impulsive wave of this set might not go directly to 74K but that would be my ultimate upper target.
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)