Possible Elliot Impulse wave formation on BTC 1h and 4h chart

Hello all this is my first idea to Trading View, I can be wrong about this not a financial advice.

• It seems BTC/USD forming Elliot wave pattern if we reach to point 4 in the drawing and next target will be in fibbo extension level 0.618 to 3 to 4. And point 5 will be at 46000$ target. Also note that 46000$ is 2.618 fibbo level from 2017 ATH to bear market low.
  
• 38300$ - 36400$ range is where we previously got rejected and movement continued upside, but that only happened for very short amount of time and yet to see proper retest at that area. If we reach that level one can open long position till 46000$ price level if there volume to confirm for upside movement. And as usual stop loss can set at peak of point 1 in the wave pattern. So profit will be around 25-27% and stop loss at 4-6%.
  

Let me know what do you think about this in comments, I would love to correct my self on first idea to trading view.

Bình luận:

Keep Eye on RSI 43.3 breaking below it most of the time results in a massive red candle. Also, the yellow trendline between points 2 and 3 is to watch out for because breaking it will probably confirm price action to point 4.

Bình luận:

Point 4 Target hit

Đóng lệnh: dừng lỗ:

Panic sell lead to hit stop loss wait for the retest at 36000k support level

Bình luận:

Pattern invalid due to price action closing below point 1