The BTCUSD pair is displaying an intriguing Elliott Wave pattern, indicating a potential SHORT opportunity. After a corrective wave (b) and a recent downturn, we may be entering into the early stages of an impulsive wave (c). Traditionally, wave (c) extends to at least the length of wave (a), often ending near the 1.0 or 1.618 Fibonacci extension of wave (a).
The recent peak and subsequent downturn coincide with a retracement to a significant Fibonacci level, suggesting bearish momentum may be gaining strength. This setup is supported by Bitcoin's inherent volatility and market sensitivity to regulatory and environmental news.
A sensible approach for traders would be to consider a SHORT position after confirmation of the downward trend continuation, with stops placed above the recent high to mitigate risk. Targeting the 1.0 and 1.618 Fibonacci extension levels may offer logical profit-taking points, allowing traders to capitalize on the expected bearish movement.
While Elliott Wave analysis provides a framework, it's imperative to remain flexible and responsive to market dynamics, as cryptocurrencies are known for their rapid price changes
The recent peak and subsequent downturn coincide with a retracement to a significant Fibonacci level, suggesting bearish momentum may be gaining strength. This setup is supported by Bitcoin's inherent volatility and market sensitivity to regulatory and environmental news.
A sensible approach for traders would be to consider a SHORT position after confirmation of the downward trend continuation, with stops placed above the recent high to mitigate risk. Targeting the 1.0 and 1.618 Fibonacci extension levels may offer logical profit-taking points, allowing traders to capitalize on the expected bearish movement.
While Elliott Wave analysis provides a framework, it's imperative to remain flexible and responsive to market dynamics, as cryptocurrencies are known for their rapid price changes
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