BTCUSD 2 possible plans
Updated
Hi all,
Here I go with the two options I'm suspecting according to Elliot wave principles.
First scenario: we're somewhere in the beginning of wave 5 of the big light blue cycle, after finishing underwave 2 at a clean 61.8% of yellow wave 1 yesterday.
Second scenario: light blue wave 4 hasn't finished yet, and we are actually somewhere in the C wave of an ABC, which would probably retrace to around $16,600.
I'd rather be in the first scenario, and already longed around the bottom of yellow wave 2. We'll probably make sure within a few hours which way to go. If we happened to be in the second one I placed my stop loss under wave 2, as I don't think it'd break lower than that in the first situation, and plan to buy again at a way cheaper price somewhere under 17k.
Here I go with the two options I'm suspecting according to Elliot wave principles.
First scenario: we're somewhere in the beginning of wave 5 of the big light blue cycle, after finishing underwave 2 at a clean 61.8% of yellow wave 1 yesterday.
Second scenario: light blue wave 4 hasn't finished yet, and we are actually somewhere in the C wave of an ABC, which would probably retrace to around $16,600.
I'd rather be in the first scenario, and already longed around the bottom of yellow wave 2. We'll probably make sure within a few hours which way to go. If we happened to be in the second one I placed my stop loss under wave 2, as I don't think it'd break lower than that in the first situation, and plan to buy again at a way cheaper price somewhere under 17k.
Note
Well scenario 1 got rejected. Unless yellow wave 2 would pull back to 76.4% of wave 1 around $17,074? I wouldn't priorize this.
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.