I'm currently examining the BTCUSD chart and have identified a compelling pattern suggesting bullish momentum. We've recently completed a classic Elliott Wave sequence with the price completing Wave (4) and gearing up for Wave (5).
Wave (4) ended near a strong support level, setting up a great scenario for Wave (5) to take off. I'm projecting potential targets for this next bullish wave, utilizing Fibonacci extensions. The potential targets I’m looking at are 63408 (0.618 Fibonacci level), 64047 (1.0 Fibonacci level), and 65080 (1.618 Fibonacci level).
Considering the setup, entering a long position now could be advantageous, aiming for the first target at 63408, with an option to hold for higher targets if momentum remains strong. To manage risks effectively, setting a stop-loss just below the recent lows around the end of Wave (4) would be prudent.
Stay tuned for more updates, and let's capture the upward trend together!
Wave (4) ended near a strong support level, setting up a great scenario for Wave (5) to take off. I'm projecting potential targets for this next bullish wave, utilizing Fibonacci extensions. The potential targets I’m looking at are 63408 (0.618 Fibonacci level), 64047 (1.0 Fibonacci level), and 65080 (1.618 Fibonacci level).
Considering the setup, entering a long position now could be advantageous, aiming for the first target at 63408, with an option to hold for higher targets if momentum remains strong. To manage risks effectively, setting a stop-loss just below the recent lows around the end of Wave (4) would be prudent.
Stay tuned for more updates, and let's capture the upward trend together!
Trade closed: stop reached
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