TradewithLu

BTC Correction Ended - Upside Price Action Coming!

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
It looks like wave (5) has ended with a 0.786 extension of wave (1) as all 5 waves have completed in wave (5).

This means that wave (5) was shorter than I initially expected as I was prepared for a drop to 30k.

I have gone long on Ethereum from here as prices should enter an ABC correction to the upside from now.

A conservative target for this long is the end of wave (4) and a stop loss can be placed slightly below the wick at
around 31k.

If you take this trade it is best to buy the coins without leverage and hold them as the price could continue to drop.

My analysis points to higher prices from here but this is crypto and you should always be prepared for large drops at any momemt,
so only invest what you can afford to lose.

(This is not financial advice, you are responsible for any gains or losses you may incur)

GL, have fun!

Comments

We are waiting for new analysis pleasee
+1 Reply
Hi, I work in the field of Elliott waves. You counted 5 waves. I think the microwave is 1 in 5. And I think this 30,000 floor will be broken down
Reply
TradewithLu zahrataromi
@zahrataromi, Hi thanks for your input, you've convinced me that the price will continue to drop to at least 30k and if not lower. The price action at the moment is not convincing that this is the bottom and I think we will go lower, so I have liquidated my longs and I am going to re-enter at a lower price.

Apologies to anyone who went long from this TA, I think its best to get out and re-enter lower. (Not financial advice, you are responsible for your gains and losses).

All the best! Good luck!
+1 Reply