Based on the 15-minute chart with Elliott Wave analysis for BTCUSD, here is the detailed plan for a short position:
- Entry Point: The current price level for entry is approximately 66,929 USD. This level is identified after the completion of wave (b) and at the beginning of wave (c).
- Targets:
- First Target: The initial target is set at the 1.000 Fibonacci extension level of wave (c), which is around 66,099 USD.
- Second Target: If the price shows strong momentum and breaks through the first target, aim for the 1.618 Fibonacci extension level at approximately 65,488 USD.
- Stop Loss: To manage risk, place a stop loss just above the recent high of wave (b) at around 67,240 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
- Trade Management: Monitor the trade closely as it progresses towards the target levels. If the price approaches the first target and shows signs of support or reversal, consider taking partial profits and adjust the stop loss to break even or slightly lower.
By following this strategy, the goal is to take advantage of the expected downward movement in BTCUSD while effectively managing risk with clear entry, target, and stop loss levels.
- Entry Point: The current price level for entry is approximately 66,929 USD. This level is identified after the completion of wave (b) and at the beginning of wave (c).
- Targets:
- First Target: The initial target is set at the 1.000 Fibonacci extension level of wave (c), which is around 66,099 USD.
- Second Target: If the price shows strong momentum and breaks through the first target, aim for the 1.618 Fibonacci extension level at approximately 65,488 USD.
- Stop Loss: To manage risk, place a stop loss just above the recent high of wave (b) at around 67,240 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
- Trade Management: Monitor the trade closely as it progresses towards the target levels. If the price approaches the first target and shows signs of support or reversal, consider taking partial profits and adjust the stop loss to break even or slightly lower.
By following this strategy, the goal is to take advantage of the expected downward movement in BTCUSD while effectively managing risk with clear entry, target, and stop loss levels.
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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.