I've been closely monitoring the BTCUSD pair on the 30-minute chart, and it's showing some promising signs for a long position. The Elliott Wave pattern is really clear here. We recently completed the fourth wave, which indicates that we might be on the verge of an upward movement.
The current setup suggests that the fifth wave is about to commence. Based on my analysis, I anticipate that the price could reach the 1.618 Fibonacci extension level, which is around $60,616. This level is a significant target for me because it often represents a strong extension in Elliott Wave theory.
Additionally, there's another potential target at the 1.0 Fibonacci extension level, approximately $59,266. This is also a crucial level to watch as it aligns with the typical wave 5 projection in many of my past trades.
Entering a long position at this point seems like a solid strategy. I'll be looking to capitalize on the expected upward momentum. The technical indicators are aligning well, and the market sentiment around Bitcoin is currently favorable, adding more confidence to my long trade setup.
The current setup suggests that the fifth wave is about to commence. Based on my analysis, I anticipate that the price could reach the 1.618 Fibonacci extension level, which is around $60,616. This level is a significant target for me because it often represents a strong extension in Elliott Wave theory.
Additionally, there's another potential target at the 1.0 Fibonacci extension level, approximately $59,266. This is also a crucial level to watch as it aligns with the typical wave 5 projection in many of my past trades.
Entering a long position at this point seems like a solid strategy. I'll be looking to capitalize on the expected upward momentum. The technical indicators are aligning well, and the market sentiment around Bitcoin is currently favorable, adding more confidence to my long trade setup.
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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.