BTCUSD Bullish Reversal Setup - Breakout from 5-Wave Bear CycleBITSTAMP:BTCUSD
The significant bearish move since the high of $116K appears to be complete, or close to it, having been labeled as a 5-wave impulse (1-5). This structure often precedes a corrective relief rally.
Price has recently broken out of a short-term consolidation pattern (potential bull flag) and is attempting to push above the diagonal downtrend line. This confirms a change in short-term momentum.
Trade Plan: I am entering a long position based on the breakout and the potential completion of the bearish impulse.
Entry: $90,490 (Entry is positioned at the confirmed breakout level).
Target: $95,831 (A conservative target to the first major resistance/pivot level).
Stop Loss (Invalidation Zone): $83,930 (Placing the stop below the recent swing low/support area is crucial for risk management).
A successful move will likely challenge the previous major consolidation area around $101,000 - $105,111. Watch this zone for potential profit-taking.
Disclaimer: Trading involves risk. This is for educational analysis only.
