I'm focusing on a potential short opportunity for BTCUSD by applying Elliott Wave principles. According to my analysis, we're approaching the end of a significant bullish phase, and a corrective sequence is now taking shape.
The market is now entering what appears to be a corrective wave pattern labeled (a), (b), and (c). The wave (a) has shown a sharp decline, indicating the start of this correction. We should closely watch the development of wave (b) for a retracement, followed by the initiation of wave (c), which often reaches or extends beyond the 0.618 Fibonacci level of the prior upward move. For BTCUSD, this suggests a target near 62663, with the possibility of extending down to 59870 if the momentum is strong.
For those considering a short position, the completion of wave (b) and the start of wave (c) could provide a solid entry point. It's crucial to monitor these levels for any bearish reversal patterns, confirming the move lower.
Please ensure you manage your risks effectively and align any trades with your personal risk tolerance. I’ll keep you updated as the scenario progresses.
The market is now entering what appears to be a corrective wave pattern labeled (a), (b), and (c). The wave (a) has shown a sharp decline, indicating the start of this correction. We should closely watch the development of wave (b) for a retracement, followed by the initiation of wave (c), which often reaches or extends beyond the 0.618 Fibonacci level of the prior upward move. For BTCUSD, this suggests a target near 62663, with the possibility of extending down to 59870 if the momentum is strong.
For those considering a short position, the completion of wave (b) and the start of wave (c) could provide a solid entry point. It's crucial to monitor these levels for any bearish reversal patterns, confirming the move lower.
Please ensure you manage your risks effectively and align any trades with your personal risk tolerance. I’ll keep you updated as the scenario progresses.
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