BTC/USD: The beginning a new down trend? 15/06/2020
Disclaimer: I am new to Elliott Waves, just sharing my thoughts.
Since the peak to 10k5 (10 370 on Kraken) , we can see on the chart forming higher low(10 370, 10 000 USD) and lower low (9 300, 9100 and 8900 USD today). Therefore, we may have started a down trend in order to correct the rally from low March. +Triple tops on a larger timeframe +RSI divergence on Daily +Strong resistance around 10k and 10k500 USD However, I remained cautious until we leave the large range (8600-10 000 USD).
If we actually started to correct from March's lows, we may have finished the first impulisve wave of this new down trend. Thus, I will wait for the correction of wave 1 and short from wave 2. At the time of speaking, we may have finished the A subwave of wave 2. Below my trading set up.
-Trading set up:
Enter: 9700-9900 USD Stop loss: 10 380 USD, because it will completely invalidate the first impulsive wave, according to Elliott's rules.
Secure Take-Profit: 8600 around 10% of my position TP1 major : 7850 USD TP2 major: 7000 USD TP3 major: 6300 USD And 10% left because we never know what will happen (double bottom? ,etc...).
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.