BTCUSD Back to Bull Market to $24.5k+? Elliot Wave Analysis
Updated
-Bullish MACD divergence on 4h candles (very bullish indicator)
-Completed 5-3 sequence providing decent risk to reward (more on this later)
-Primary price target is 1:1 extension at 24.5k
-If BTC breaks through the 1.1:1 extension then a 1.618:1 extension all the way to nearly 33k is possible
-Stop loss at 10.6k below C
Not necessarily an entry now considering the risk to reward ratio is currently not very good. An entry after the retracement on this first wave will likely be a better entry. (I will probably update this idea when the time comes)
-Completed 5-3 sequence providing decent risk to reward (more on this later)
-Primary price target is 1:1 extension at 24.5k
-If BTC breaks through the 1.1:1 extension then a 1.618:1 extension all the way to nearly 33k is possible
-Stop loss at 10.6k below C
Not necessarily an entry now considering the risk to reward ratio is currently not very good. An entry after the retracement on this first wave will likely be a better entry. (I will probably update this idea when the time comes)
Note
s3.amazonaws.com/tradingview/snapshots/c/COYeyl8G.pngMuch better entry than before
Order cancelled
Counted waves incorrectly. I'm gonna post a new idea later with a bearish outlook, at this point trades closed up a decent scalp from 12k
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