10/20/2024 BTCUSDT bitcoin chart Elliot wave idea .
Updated
Starting today, I will post my views on the Bitcoin chart. I will provide stop-loss levels with target profit and I will also enter positions myself. Afterward, I will review whether the analysis was correct or not.
This year, Bitcoin has made a significant impulse wave upwards, reaching near 73,000, and is now undergoing a correction for a while. It seems we are in an big ABC downward correction, followed by a WXY complex correction as it goes up again.
1. I believe we are seeing a double three combination correction forming in a wedge pattern.
2. It seems that the 5-wave impulse wave has completed at the end of this complex correction in a "wedge form". Since the stop-loss level is short, it seems like a good entry opportunity. Setting the stop-loss at 69,500 and aiming for a take-profit at around 66,300 would offer a very favorable risk-reward ratio.
One thing to be cautious about, though the possibility seems low, is that if the price breaks through 70,000, there could be a massive upward movement. Please be careful when trading.
I will return next time to review whether the analysis was correct.
Thank you :)
Trade active
This trade seems like a almost reaching target profit 66,300. while we are waiting. I will post more detail Elliot wave counts and reason why I did this trade..
Trade active
bitcoin is rebounded before my target price at 66300, and this is one of my least favorite situations. While my overall view hasn't changed, but the strength of the rebound prompted me to take partial profits, selling half of my position. I'm aiming to sell other half on the end of the orange ABC correction wave for the remaining portion.
1. This rebound is likely the B wave of a zigzag correction in the Elliott Wave pattern, and it might extend to the Fibonacci 0.5 or 0.618 levels.
2. The reason I took partial profits is that this second rebound could potentially be interpreted as an impulsive move. If this is indeed the first wave of a 5-wave impulse, we could see a sharp surge that might quickly break through the 70,000 level with significant strength. I if this is happening I will close all my short position at even price I entered position which is around 69123
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.