I'm setting up a long trade on BTCUSD based on a 4-hour chart using Elliott Wave analysis. The chart indicates that wave (a) of the corrective sequence has completed, and I'm anticipating an upward impulse in wave (b).
My entry point is around the current price of 64,774.
I'm targeting the following levels for wave (b):
- Target 1: 65,932 at the 0.382 Fibonacci retracement level.
- Target 2: 66,712 at the 0.5 Fibonacci retracement level.
- Target 3: 67,492 at the 0.618 Fibonacci retracement level.
I'll place my stop loss slightly below the recent low of wave (a) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement in the corrective sequence of the Elliott Wave.
My entry point is around the current price of 64,774.
I'm targeting the following levels for wave (b):
- Target 1: 65,932 at the 0.382 Fibonacci retracement level.
- Target 2: 66,712 at the 0.5 Fibonacci retracement level.
- Target 3: 67,492 at the 0.618 Fibonacci retracement level.
I'll place my stop loss slightly below the recent low of wave (a) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement in the corrective sequence of the Elliott Wave.
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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.