BTCUSD - Update on Correction and Potential Buy Opportunities
Following our previous analysis on this cryptocurrency (www.tradingview.com/...g-for-more-downside/), we believe that BTCUSD is in it's last phases of this major correction that bought this cryptocurrency from the 19500 area to the 9300 area.
Having seen the last small impulse to the downside, on the 4hr timeframe, and the fact that that impulse was followed by it's own correction, we believe that on this timeframe there is another small impulse to the downside that would probably complete the main "abc" correction (in yellow). Said last impulse could either take the pair all the way to the 8000 level, or it could also just slightly break the previous low at 9235 and reverse, without necessarily going that far.
From this moment on therefore, we will be looking for buy setups, on this CC: watch out for price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Having seen the last small impulse to the downside, on the 4hr timeframe, and the fact that that impulse was followed by it's own correction, we believe that on this timeframe there is another small impulse to the downside that would probably complete the main "abc" correction (in yellow). Said last impulse could either take the pair all the way to the 8000 level, or it could also just slightly break the previous low at 9235 and reverse, without necessarily going that far.
From this moment on therefore, we will be looking for buy setups, on this CC: watch out for price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.