Fellow crypto enthusiasts, I'm currently examining BTCUSD with an Elliott Wave lens. The chart reveals that Bitcoin might have completed an impulse wave marked by the peak of (5), and we seem to be in the midst of a corrective ABC pattern.
As the chart shows, wave (a) has made its move, and we’ve witnessed a rebound for wave (b), which suggests a potential for the final wave (c) to unfold. If we adhere to the Fibonacci projections, the (c) wave could take us down to around the 1.618 extension level at 64327. This aligns with the classic Elliott Wave theory where the (c) wave often extends to at least the 1.618 Fibonacci level of the (a) wave.
I'm keeping my eyes peeled for entry points near the completion of this correction, targeting 65088 as a conservative level for the (c) wave to reach. As Bitcoin tends to be volatile, this setup could offer a favorable risk-reward ratio for those looking to capitalize on the completion of the corrective phase.
Remember, the crypto market can be particularly unpredictable, so ensure this trade aligns with your risk strategy and that you're prepared for any outcome. Stay sharp and let's navigate these waves carefully!
As the chart shows, wave (a) has made its move, and we’ve witnessed a rebound for wave (b), which suggests a potential for the final wave (c) to unfold. If we adhere to the Fibonacci projections, the (c) wave could take us down to around the 1.618 extension level at 64327. This aligns with the classic Elliott Wave theory where the (c) wave often extends to at least the 1.618 Fibonacci level of the (a) wave.
I'm keeping my eyes peeled for entry points near the completion of this correction, targeting 65088 as a conservative level for the (c) wave to reach. As Bitcoin tends to be volatile, this setup could offer a favorable risk-reward ratio for those looking to capitalize on the completion of the corrective phase.
Remember, the crypto market can be particularly unpredictable, so ensure this trade aligns with your risk strategy and that you're prepared for any outcome. Stay sharp and let's navigate these waves carefully!
Trade closed manually
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