BTCUSDT 15-Minute Chart: Anticipating Wave (C) Downtrend - Ellio
In this detailed Elliott Wave analysis on the 15-minute BTCUSDT chart, we observe the completion of a 5-wave impulsive move, potentially setting up for a corrective ABC pattern. The price action has already delineated waves (A) and (B) of the corrective structure, suggesting that wave (C) might follow, leading to a potential downtrend.
Key levels and observations:
Impulsive Wave (1)-(5): The recent bullish rally aligns with the standard Elliott Wave theory, culminating at the peak around $71,778.5.
Corrective Wave (A)-(B): The market appears to be forming a typical ABC correction. Wave (A) has retraced to the 1.618 Fibonacci extension, and wave (B) is consolidating around the 0.236 to 0.382 Fibonacci retracement levels of the preceding impulse wave.
Fibonacci Extensions and Retracements: Key Fibonacci levels are marked, providing potential support and resistance areas. Wave (C) might aim towards the 1.618 Fibonacci extension level around $69,145.9 or lower.
Trade Setup: Given the current wave structure, we anticipate a bearish wave (C). Traders could consider short positions targeting the $69,163.5 level, with stops placed above $71,812.4 to manage risk.
The red zone highlights a potential entry for short positions, while the green zone indicates the target area for wave (C). Monitor these levels closely and adjust your strategy as the market unfolds.
This analysis leverages Elliott Wave principles combined with Fibonacci tools to predict the next move in BTCUSDT. As always, ensure proper risk management and conduct your due diligence before trading.
Key levels and observations:
Impulsive Wave (1)-(5): The recent bullish rally aligns with the standard Elliott Wave theory, culminating at the peak around $71,778.5.
Corrective Wave (A)-(B): The market appears to be forming a typical ABC correction. Wave (A) has retraced to the 1.618 Fibonacci extension, and wave (B) is consolidating around the 0.236 to 0.382 Fibonacci retracement levels of the preceding impulse wave.
Fibonacci Extensions and Retracements: Key Fibonacci levels are marked, providing potential support and resistance areas. Wave (C) might aim towards the 1.618 Fibonacci extension level around $69,145.9 or lower.
Trade Setup: Given the current wave structure, we anticipate a bearish wave (C). Traders could consider short positions targeting the $69,163.5 level, with stops placed above $71,812.4 to manage risk.
The red zone highlights a potential entry for short positions, while the green zone indicates the target area for wave (C). Monitor these levels closely and adjust your strategy as the market unfolds.
This analysis leverages Elliott Wave principles combined with Fibonacci tools to predict the next move in BTCUSDT. As always, ensure proper risk management and conduct your due diligence before trading.
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