BTC - end of Elliott waves pattern and beginning of new trend
The Elliott waves theory seems to confirm the last wave C that must be at least as large as wave A and often extends to 1.618 times wave A or beyond.
So following my previous analysis we can still go down to 36k which is the golden ratio (1.618) of wave A and confirm Elliot wave theory but from now it is also valid.
Extracted from the relationship between Elliott Waves and Fibonacci ratio, a 78.6% retracement level is identified as a best place for buying (in continuation to the larger trend which is still bullish) as it increases the risk to reward ratio up to 1:3.
We are actually at 42450$ which is 78.6% of last retracement.
So following Elliott Wave theory and Fibonacci sequence, we are ideally placed to buy.
Stop loss = 38k$ (~5% from lower low of 39500$)
Take profit = 46k-47k$ (around Fib 0.5)
So following my previous analysis we can still go down to 36k which is the golden ratio (1.618) of wave A and confirm Elliot wave theory but from now it is also valid.
Extracted from the relationship between Elliott Waves and Fibonacci ratio, a 78.6% retracement level is identified as a best place for buying (in continuation to the larger trend which is still bullish) as it increases the risk to reward ratio up to 1:3.
We are actually at 42450$ which is 78.6% of last retracement.
So following Elliott Wave theory and Fibonacci sequence, we are ideally placed to buy.
Stop loss = 38k$ (~5% from lower low of 39500$)
Take profit = 46k-47k$ (around Fib 0.5)
Trade closed: target reached