Evening Traders,
Today’s analysis – BTCUSD – trading in a probable ABC correction, with a lower high yet to be confirmed, further data will confirm trend direction.
Points to consider,
- Weekly S/R (key support)
- Bearish PA
- .50 Fibonacci (bearish retest)
- Bear trend confirmation (weekly S/R)
BTCUSD’s trend will be dictated on the weekly S/R, currently holding but a break will confirm a lower low.
Current price action is considered bearish, testing the .50 Fibonacci where a rejection will confirm a bearish test and establish a lower high.
The Elliot wave theory suggests BTC is in a corrective phase. The validity holds true if characteristics of an Elliot wave are present in price action. For example, wave 4 characteristics is complex price action, this was reflected in BTC’s recent wave 4.
Overall, in my opinion, further price action will determine BTC’s trend. Confirmation of a bear trend will be on a break of weekly S/R.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee
Today’s analysis – BTCUSD – trading in a probable ABC correction, with a lower high yet to be confirmed, further data will confirm trend direction.
Points to consider,
- Weekly S/R (key support)
- Bearish PA
- .50 Fibonacci (bearish retest)
- Bear trend confirmation (weekly S/R)
BTCUSD’s trend will be dictated on the weekly S/R, currently holding but a break will confirm a lower low.
Current price action is considered bearish, testing the .50 Fibonacci where a rejection will confirm a bearish test and establish a lower high.
The Elliot wave theory suggests BTC is in a corrective phase. The validity holds true if characteristics of an Elliot wave are present in price action. For example, wave 4 characteristics is complex price action, this was reflected in BTC’s recent wave 4.
Overall, in my opinion, further price action will determine BTC’s trend. Confirmation of a bear trend will be on a break of weekly S/R.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน