I'm going long on BTCUSD based on the 30-minute chart. The Elliott Wave pattern indicates the completion of wave (5) and the onset of wave (a) upward movement. My target for wave (a) is the 0.618 Fibonacci retracement level at 61958, with a possible further rise to the 0.5 level at 61834.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting upward momentum. Entering at the current price level of 61345, I expect an increase to the indicated Fibonacci levels. The stop-loss is set just below the recent low of wave (5) to manage risk effectively. This setup provides a favorable risk-reward ratio for a long position.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting upward momentum. Entering at the current price level of 61345, I expect an increase to the indicated Fibonacci levels. The stop-loss is set just below the recent low of wave (5) to manage risk effectively. This setup provides a favorable risk-reward ratio for a long position.
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.