Based on Elliott Wave Theory, It's already finished the Irregular Corrective Wave (ABC) and holding the price above on flip zone (resistant switch to support). So I will limit a long position entry at 35, SL at 30 and minimum take profit at 70. How do you think? 🤩
Combine some Technical Analysis method, I think market potentially bearish a half of this week, then the rest will continue to bullish. That's mean we will have a flash sale chance? 😀
In this article I will explain clearly why I trade a short position $BTC at 95k1 last night. Analysis in high time frame 4h:
Based on the Elliott Wave Theory - The Ending Diagonal Wave: that's forecasting for the ending of impulsive wave (from Nov 21 to Dec 17, 2024)), that's mean the trend can reverse to the corrrective move. I marked i, ii, iii, iv and v in the image below. After that, for the Corrective move, the price of BTC needs to make a move with 3 waves abc, and in this case, it's maybe finished wave b then continue running wave c - the last wave of corrective move. The fibonancci of wave c often reach the 61.8%, 78,6% or 100% of wave a.
Analysis in lower time frame 1h:
For the corrective wave, in this timeframe, inside the wave (C), I saw the corrective channel (grey), so when this channel reach the resistant trendline, I focusing on the Price Action Candle and waiting the pattern complete to confirm for this short trade.
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After broken the structure up last night, the pricing is sideway to create a trading range, when it reacts with the resistant, I decide to trade a short position.
Based on the higher time frame (4h) that's I already shared last night, I continue trade the 2nd entry to increasing volume & profit as well. In this trade, we can see a special pattern: triangle (LTF) inside triangle (HTF). The triangle LTF is broken and the price is nearly support of triangle LTF, that's potentially for a short trade and panic sell to the zone 90k - 88k (firstly).
After the bull run at the end of 2024, may BTC is going to complete the last move of corrective wave (ABC - Elliott Wave Theory). So I will trade a short futures.
HIVE had a good bull run yesterday, I expect it's can break the resistant and continue going up, but unfortunately, the price rejected resistant, so I will do a short trade.
After moved up nearly 30% just in 2 hours yesterday, then now price is moving in the resistant & support zone. It's potentially for a long trade when price reacts good at support.