I've been closely monitoring Bitcoin (BTCUSD) on the 15-minute chart and I believe it's setting up for a short position based on the Elliott Wave principle. The chart shows that wave (5) has recently completed, and the price is starting to retrace.
Here’s my plan for this trade:
- Entry Point: I'm planning to enter a short position around the current price level as it shows signs of completing the corrective wave (b).
- Target: My target for this short trade is around the 54,008 level, which is the projected completion of wave (c).
- Stop Loss: To manage my risk, I will set a stop loss slightly above the peak of wave (b) to protect against any potential upward reversal.
By entering at this level, I aim to capitalize on the downward movement anticipated in the completion of the wave structure. I'll be closely watching the price action to make adjustments if necessary.
Here’s my plan for this trade:
- Entry Point: I'm planning to enter a short position around the current price level as it shows signs of completing the corrective wave (b).
- Target: My target for this short trade is around the 54,008 level, which is the projected completion of wave (c).
- Stop Loss: To manage my risk, I will set a stop loss slightly above the peak of wave (b) to protect against any potential upward reversal.
By entering at this level, I aim to capitalize on the downward movement anticipated in the completion of the wave structure. I'll be closely watching the price action to make adjustments if necessary.
Trade closed: target reached
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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.