Dear traders and followers,
welcome to the latest Bitcoin trading idea.
Bitcoin price reached almost 60K resistance area which is the last resistance before a new all time high price.
Relative strength index indicates an incoming correction with a bearish divergence on higher time frame (4H - 1D).
The latest movement was a perfect 1-2-3-4-5 Elliot wave which is usually followed by an A-B-C correction movement as drawn in the chart.
Current market gives us a nice risk/reward ratio for a short position with stop loss at 60.420$ and take profit between 47.000$ - 48.000$
This setup is invalid as soon the market closed on daily chart above 60400$
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welcome to the latest Bitcoin trading idea.
Bitcoin price reached almost 60K resistance area which is the last resistance before a new all time high price.
Relative strength index indicates an incoming correction with a bearish divergence on higher time frame (4H - 1D).
The latest movement was a perfect 1-2-3-4-5 Elliot wave which is usually followed by an A-B-C correction movement as drawn in the chart.
Current market gives us a nice risk/reward ratio for a short position with stop loss at 60.420$ and take profit between 47.000$ - 48.000$
This setup is invalid as soon the market closed on daily chart above 60400$
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Follow us and stay up to date/ don't miss new ideas
Thanks for your support!
Trade active:
opened first short position at 59500
will add another at in case of 60.000 retest
will add another at in case of 60.000 retest
Trade closed: stop reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.