🔍 Market Context:
- Bitcoin has completed a five-wave Elliott Wave structure, suggesting a potential corrective phase.
- A corrective ABC wave is forming, with wave (b) rejecting at the 0.753 Fibonacci retracement level (106,484 USD), indicating strong resistance.
- The price is showing weakness at key resistance, confirming a possible trend reversal or deeper retracement.
📊 Trade Entry Criteria:
- The short trade is based on Elliott Wave analysis, expecting a wave (c) drop towards Fibonacci extension targets.
- Price is currently in a consolidation zone after completing wave (b), showing signs of a lower high formation.
- Strong resistance is holding at 106,484 USD, preventing further upside.
🎯 Trade Targets & Risk Management
- Entry Price: Around 101,767 - 106,484 USD
- Stop Loss (SL): Above 109,295 USD (previous key resistance)
- Take Profit (TP):
- First target: 92,482 USD (previous support)
- Second target: 87,646 USD (1.618 Fibonacci extension)
- Extended target: 76,374 - 73,440 USD (0.618 Fibonacci retracement)
- Risk-to-Reward Ratio: High probability setup with a strong risk-reward structure.
🛑 Stop-Loss Placement:
- The stop-loss is placed above 109,295 USD, invalidating the short if price continues upwards.
📉 Profit Target Justification:
- The 1.618 Fibonacci extension at 87,646 USD aligns with key support and an ideal corrective wave target.
- If bearish momentum increases, a deeper retracement toward 72,273 - 63,526 USD is possible.
📌 Summary
- Bitcoin has likely completed a five-wave rally and is entering a corrective phase.
- Fibonacci resistance at 106,484 USD is holding, indicating a strong rejection point.
- Wave (c) projection suggests a decline toward 87,646 - 73,440 USD, aligning with key support levels.
- If price reclaims 109,295 USD, the trade setup is invalidated and a continuation to new highs could occur.
🔻 If confirmed, this short setup provides a strong risk-reward ratio with multiple profit targets in case of deeper correction.
- Bitcoin has completed a five-wave Elliott Wave structure, suggesting a potential corrective phase.
- A corrective ABC wave is forming, with wave (b) rejecting at the 0.753 Fibonacci retracement level (106,484 USD), indicating strong resistance.
- The price is showing weakness at key resistance, confirming a possible trend reversal or deeper retracement.
📊 Trade Entry Criteria:
- The short trade is based on Elliott Wave analysis, expecting a wave (c) drop towards Fibonacci extension targets.
- Price is currently in a consolidation zone after completing wave (b), showing signs of a lower high formation.
- Strong resistance is holding at 106,484 USD, preventing further upside.
🎯 Trade Targets & Risk Management
- Entry Price: Around 101,767 - 106,484 USD
- Stop Loss (SL): Above 109,295 USD (previous key resistance)
- Take Profit (TP):
- First target: 92,482 USD (previous support)
- Second target: 87,646 USD (1.618 Fibonacci extension)
- Extended target: 76,374 - 73,440 USD (0.618 Fibonacci retracement)
- Risk-to-Reward Ratio: High probability setup with a strong risk-reward structure.
🛑 Stop-Loss Placement:
- The stop-loss is placed above 109,295 USD, invalidating the short if price continues upwards.
📉 Profit Target Justification:
- The 1.618 Fibonacci extension at 87,646 USD aligns with key support and an ideal corrective wave target.
- If bearish momentum increases, a deeper retracement toward 72,273 - 63,526 USD is possible.
📌 Summary
- Bitcoin has likely completed a five-wave rally and is entering a corrective phase.
- Fibonacci resistance at 106,484 USD is holding, indicating a strong rejection point.
- Wave (c) projection suggests a decline toward 87,646 - 73,440 USD, aligning with key support levels.
- If price reclaims 109,295 USD, the trade setup is invalidated and a continuation to new highs could occur.
🔻 If confirmed, this short setup provides a strong risk-reward ratio with multiple profit targets in case of deeper correction.
Trade active
Trade is going well. Take partial profits here at 100.5k as we may see price pull up abit from here before resuming lowerTrade closed: target reached
Trade closed. Can keep a portion open if you choose depending on your entry. Pull up is a potential. We can look for another short soon.
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.