BitcoinLong
Elliot wave correction targets for BTCUSD
We're currently in an Elliot correction wave ABC cycle in BTCUSD. We've hit Wave A with a correction down to 5500, followed by Wave B bringing us back up to 6830, now, presumably we're heading into Wave C.
Wave C typical finds itself near the previous Wave 4 range, which is 5100, although that varies depending on the exchange as it was a long shadow.
The Fibonacci retracement of 38.2% lands us at 4886.
The previous Elliot wave cycle all-time high, which is now support, is 4980.
There is a lot of exuberance as well as uncertainty in this market. The bitcoin cash drama shouldn't effect our levels of support, unless they coincide with bad news, which must be watched for. There clearly is some market manipulation going on and with bitcoin trading as high as it is now, we must be VERY careful and use stop losses to prevent being stuck holding the bag. That being said, this next bull run is expected to reach $10,000, and will probably go higher as FOMO dances with greed. Due to the amount of excitement behind this next bull run, I think it's best to keep our emotions out of the trade and scale into a long position starting around 5200, and scaling in as low as you think it could go. There's also a distinct possibility that 5530 is as low as it gets in the short term, as we found support there previously. If you believe this is true, start scaling in at 5550 instead of 5200, but beware a bull trap.
If you have any comments or questions, feel free to place them below.
Cheers and good luck.
M
BTCUSD. We've hit Wave A with a correction down to 5500, followed by Wave B bringing us back up to 6830, now, presumably we're heading into Wave C.Wave C typical finds itself near the previous Wave 4 range, which is 5100, although that varies depending on the exchange as it was a long shadow.
The Fibonacci retracement of 38.2% lands us at 4886.
The previous Elliot wave cycle all-time high, which is now support, is 4980.
There is a lot of exuberance as well as uncertainty in this market. The bitcoin cash drama shouldn't effect our levels of support, unless they coincide with bad news, which must be watched for. There clearly is some market manipulation going on and with bitcoin trading as high as it is now, we must be VERY careful and use stop losses to prevent being stuck holding the bag. That being said, this next bull run is expected to reach $10,000, and will probably go higher as FOMO dances with greed. Due to the amount of excitement behind this next bull run, I think it's best to keep our emotions out of the trade and scale into a long position starting around 5200, and scaling in as low as you think it could go. There's also a distinct possibility that 5530 is as low as it gets in the short term, as we found support there previously. If you believe this is true, start scaling in at 5550 instead of 5200, but beware a bull trap.
If you have any comments or questions, feel free to place them below.
Cheers and good luck.
M
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