BitcoinShort
BTCUSD - SELL IDEA
In the current 15-minute chart for BTC/USD, it seems that Bitcoin has completed an impulsive wave (5) and is now entering a corrective phase. This offers a potential shorting opportunity as the market is likely to retrace.
The key Fibonacci retracement levels to watch for this corrective move are:
- The 0.618 level at $64,349, where a possible short-term bounce might occur before the continuation of the decline.
- The 1.0 level at $62,075, which serves as a significant target for the completion of the wave (c).
- Finally, the 1.618 extension at $60,854, where the correction might fully extend, providing a potential exit point for short positions.
This setup indicates a strong bearish momentum, suggesting it might be a good opportunity to consider a short position with a keen eye on these Fibonacci levels as potential take-profit targets.
The key Fibonacci retracement levels to watch for this corrective move are:
- The 0.618 level at $64,349, where a possible short-term bounce might occur before the continuation of the decline.
- The 1.0 level at $62,075, which serves as a significant target for the completion of the wave (c).
- Finally, the 1.618 extension at $60,854, where the correction might fully extend, providing a potential exit point for short positions.
This setup indicates a strong bearish momentum, suggesting it might be a good opportunity to consider a short position with a keen eye on these Fibonacci levels as potential take-profit targets.
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.
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.