Bitcoin's 15-minute chart showcases a potential end to an Elliott Wave impulse sequence, hinting at a bearish retracement. With wave (5) seemingly at its peak, attention now turns to the expected corrective waves.
For traders utilizing Elliott Wave theory, this chart offers a prospect for a SHORT position. The anticipated corrective phase is typically composed of an a-b-c wave structure, which could lead Bitcoin towards the illustrated Fibonacci retracement levels.
Setting a stop loss above the recent high may be wise to manage risk, as wave (5) could extend unexpectedly. Initial targets could be placed near the Fibonacci levels of 0.382 and 0.5 for potential profits.
As with all trading strategies, it is essential to monitor the market for significant news or events that may affect price action and to adjust strategies accordingly
For traders utilizing Elliott Wave theory, this chart offers a prospect for a SHORT position. The anticipated corrective phase is typically composed of an a-b-c wave structure, which could lead Bitcoin towards the illustrated Fibonacci retracement levels.
Setting a stop loss above the recent high may be wise to manage risk, as wave (5) could extend unexpectedly. Initial targets could be placed near the Fibonacci levels of 0.382 and 0.5 for potential profits.
As with all trading strategies, it is essential to monitor the market for significant news or events that may affect price action and to adjust strategies accordingly
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