I'm targeting a short position for BTCUSD on the 3-hour chart using Elliott Wave analysis.
The current price level is around 64,005. I've identified the completion of wave (5) and am anticipating a downward movement into corrective waves (a), (b), and (c).
My target levels for this downward movement are based on the Fibonacci retracement of the previous impulse wave. The target levels are:
- 1.090 Fibonacci extension level at around 63,806
- 1.618 Fibonacci extension level at around 62,203
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 66,000. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of support or reversal near the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in BTCUSD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 64,005. I've identified the completion of wave (5) and am anticipating a downward movement into corrective waves (a), (b), and (c).
My target levels for this downward movement are based on the Fibonacci retracement of the previous impulse wave. The target levels are:
- 1.090 Fibonacci extension level at around 63,806
- 1.618 Fibonacci extension level at around 62,203
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 66,000. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of support or reversal near the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in BTCUSD while effectively managing risk with clear entry, target, and stop loss levels.
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.
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.