I have identified a short opportunity for Bitcoin (BTCUSD) on the 30-minute chart using Elliott Wave analysis.
The current price level is around 67,837 USD, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of wave (a), which typically indicates a downward movement.
My target is set at the 1.618 Fibonacci extension level of wave (a), which is approximately 65,404 USD. This target is based on the typical extension seen in the corrective wave (c) of Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 68,740 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of support or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in Bitcoin while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 67,837 USD, and I am entering the trade at this point. The chart shows the completion of wave (5) and the potential start of wave (a), which typically indicates a downward movement.
My target is set at the 1.618 Fibonacci extension level of wave (a), which is approximately 65,404 USD. This target is based on the typical extension seen in the corrective wave (c) of Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 68,740 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of support or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in Bitcoin while effectively managing risk with clear entry, target, and stop loss levels.
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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.