Hello traders,
Let's take a look at the current market structure for Bitcoin (BTC/USD).
Following a strong bearish impulse wave, the market has entered a corrective phase, which is currently unfolding as an ABC Flat Correction structure.
Technical Breakdown:
The Correction: We have clearly established Wave A and Wave B. Currently, Wave C is pushing upwards.
Fibonacci Resistance: In a standard flat structure, Wave C is bound by specific Fibonacci extension limits. As highlighted on the chart, the current price action is testing the absolute ceiling of this Fibonacci limitation zone.
The Setup: Given that we are exactly at this critical resistance area, we can anticipate the conclusion of this bullish corrective wave.
Expectation:
This technical setup suggests a high-probability reversal zone. We can expect the initiation of the next major bearish leg from this current area. This provides a great short opportunity with a very tight and logical stop-loss placed just above the resistance ceiling.
Trade safely and manage your risk! What are your thoughts on this structure?
Let's take a look at the current market structure for Bitcoin (BTC/USD).
Following a strong bearish impulse wave, the market has entered a corrective phase, which is currently unfolding as an ABC Flat Correction structure.
Technical Breakdown:
The Correction: We have clearly established Wave A and Wave B. Currently, Wave C is pushing upwards.
Fibonacci Resistance: In a standard flat structure, Wave C is bound by specific Fibonacci extension limits. As highlighted on the chart, the current price action is testing the absolute ceiling of this Fibonacci limitation zone.
The Setup: Given that we are exactly at this critical resistance area, we can anticipate the conclusion of this bullish corrective wave.
Expectation:
This technical setup suggests a high-probability reversal zone. We can expect the initiation of the next major bearish leg from this current area. This provides a great short opportunity with a very tight and logical stop-loss placed just above the resistance ceiling.
Trade safely and manage your risk! What are your thoughts on this structure?
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.