Bitcoin (BTC/USD) on the 30-minute chart has completed its 5-wave impulsive move, indicating a potential correction phase is underway. This sets up a short trading opportunity as the market likely retraces to key Fibonacci levels.
Key Levels to Monitor:
Fibonacci 0.453 Level: $57,844
Fibonacci 0.618 Level: $57,509
Fibonacci 1 Level: $56,732
After completing Wave (a), BTC/USD is expected to test the 0.453 and 0.618 Fibonacci retracement levels. If the price action aligns with these levels, we could see a further decline towards the 1.0 Fibonacci extension at $56,732. Traders should look for bearish confirmations around these retracement points to capitalize on the potential downside move.
This short setup offers a well-defined risk-to-reward ratio, making it an appealing opportunity for those looking to trade the ongoing correction. Ensure your strategies align with market developments and manage your risk accordingly.
Key Levels to Monitor:
Fibonacci 0.453 Level: $57,844
Fibonacci 0.618 Level: $57,509
Fibonacci 1 Level: $56,732
After completing Wave (a), BTC/USD is expected to test the 0.453 and 0.618 Fibonacci retracement levels. If the price action aligns with these levels, we could see a further decline towards the 1.0 Fibonacci extension at $56,732. Traders should look for bearish confirmations around these retracement points to capitalize on the potential downside move.
This short setup offers a well-defined risk-to-reward ratio, making it an appealing opportunity for those looking to trade the ongoing correction. Ensure your strategies align with market developments and manage your risk accordingly.
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.