My first published chart, so be gentle.
I'm no EW expert but my count makes this a potential short term environment with some upside to go still.
We are in a subwave of wave 3, with the final leg to come, possibly reaching $256. (purple point 3). Whether we continue the larger wave 5 from there remains to be seen, if we do, then a target of 262-265 seems reasonable. The potential upside here is not great so the risk/reward is not good
A breach of $249 on the downside would invalidate the count for EW, but 248-242 may be a support area, looking at s/r lines and the lower trend line (red dotted). So any stop/loss would really depend on trading style, price action, volume and rsi during any potential fall.
Stop/Lossing with BTC is very difficult as there seems to be a lot of S/L hunting.
As I say I am very basic at EW - if you want an expert in EW check out DanV.
This is just an idea amongst a myriad of possibilities and is by no means a recommendation to trade this. I welcome any pertinent comments, as I'm always looking to improve.
Thanks.
I'm no EW expert but my count makes this a potential short term environment with some upside to go still.
We are in a subwave of wave 3, with the final leg to come, possibly reaching $256. (purple point 3). Whether we continue the larger wave 5 from there remains to be seen, if we do, then a target of 262-265 seems reasonable. The potential upside here is not great so the risk/reward is not good
A breach of $249 on the downside would invalidate the count for EW, but 248-242 may be a support area, looking at s/r lines and the lower trend line (red dotted). So any stop/loss would really depend on trading style, price action, volume and rsi during any potential fall.
Stop/Lossing with BTC is very difficult as there seems to be a lot of S/L hunting.
As I say I am very basic at EW - if you want an expert in EW check out DanV.
This is just an idea amongst a myriad of possibilities and is by no means a recommendation to trade this. I welcome any pertinent comments, as I'm always looking to improve.
Thanks.