BTCUSDT | Elliott Wave Projection | 4 Wave Correction Target
Price action and chart pattern trading setup
> The previous minor 3 wave extended 2.618 of 1-wave with small head & shoulders formation.
> Potentially, minor 4-wave correction scenario at 0.5 fibonanci retracement of minor 3 wave impulse
> possible retesting SMA50 dynamic support at SMA50 X SMA200 level zone.
> Wait for reversal pattern in smaller timeframe TF4H / TF1H breakout confirmation
> Target 5-wave (major 1-wave) expected at 1.618 extension of 1-wave
> RSI sharply declined dead crossed uptrend line below 50, expecting further downside.
> Based on this scenario, TP at 27K-28K price zone +30% upside as completing this uptrend cycle.
Always trade with affordable risk and respect your stoploss!
Good Luck
> The previous minor 3 wave extended 2.618 of 1-wave with small head & shoulders formation.
> Potentially, minor 4-wave correction scenario at 0.5 fibonanci retracement of minor 3 wave impulse
> possible retesting SMA50 dynamic support at SMA50 X SMA200 level zone.
> Wait for reversal pattern in smaller timeframe TF4H / TF1H breakout confirmation
> Target 5-wave (major 1-wave) expected at 1.618 extension of 1-wave
> RSI sharply declined dead crossed uptrend line below 50, expecting further downside.
> Based on this scenario, TP at 27K-28K price zone +30% upside as completing this uptrend cycle.
Always trade with affordable risk and respect your stoploss!
Good Luck