10/20/2024 BTCUSDT bitcoin chart Elliot wave idea .
2024-10-21

 

Starting today, I will post my views on the Bitcoin chart. I will provide  stop-loss levels with target profit and I will also enter positions myself. Afterward, I will review whether the analysis was correct or not.

This year, Bitcoin has made a significant impulse wave upwards, reaching near 73,000, and is now undergoing a correction for a while. It seems we are in an big ABC downward correction, followed by a WXY complex correction as it goes up again.

1. I believe we are seeing a  double three combination correction forming in a wedge pattern.

2. It seems that the 5-wave impulse wave has completed at the end of this complex correction in a "wedge form". Since the stop-loss level is short, it seems like a good entry opportunity. Setting the stop-loss at 69,500 and aiming for a take-profit at around 66,300 would offer a very favorable risk-reward ratio.

One thing to be cautious about, though the possibility seems low, is that if the price breaks through 70,000, there could be a massive upward movement. Please be careful when trading.

I will return next time to review whether the analysis was correct.

Thank you :)

