BTC/USD: The beginning a new down trend? 15/06/2020
Disclaimer: I am new to Elliott Waves, just sharing my thoughts.
Since the peak to 10k5 (10 370 on Kraken) , we can see on the chart forming higher low(10 370, 10 000 USD) and lower low (9 300, 9100 and 8900 USD today). Therefore, we may have started a down trend in order to correct the rally from low March.
+Triple tops on a larger timeframe
+RSI divergence on Daily
+Strong resistance around 10k and 10k500 USD
However, I remained cautious until we leave the large range (8600-10 000 USD).
If we actually started to correct from March's lows, we may have finished the first impulisve wave of this new down trend. Thus, I will wait for the correction of wave 1 and short from wave 2. At the time of speaking, we may have finished the A subwave of wave 2. Below my trading set up.
-Trading set up:
Enter: 9700-9900 USD
Stop loss: 10 380 USD, because it will completely invalidate the first impulsive wave, according to Elliott's rules.
Secure Take-Profit: 8600 around 10% of my position
TP1 major : 7850 USD
TP2 major: 7000 USD
TP3 major: 6300 USD
And 10% left because we never know what will happen (double bottom? ,etc...).
Since the peak to 10k5 (10 370 on Kraken) , we can see on the chart forming higher low(10 370, 10 000 USD) and lower low (9 300, 9100 and 8900 USD today). Therefore, we may have started a down trend in order to correct the rally from low March.
+Triple tops on a larger timeframe
+RSI divergence on Daily
+Strong resistance around 10k and 10k500 USD
However, I remained cautious until we leave the large range (8600-10 000 USD).
If we actually started to correct from March's lows, we may have finished the first impulisve wave of this new down trend. Thus, I will wait for the correction of wave 1 and short from wave 2. At the time of speaking, we may have finished the A subwave of wave 2. Below my trading set up.
-Trading set up:
Enter: 9700-9900 USD
Stop loss: 10 380 USD, because it will completely invalidate the first impulsive wave, according to Elliott's rules.
Secure Take-Profit: 8600 around 10% of my position
TP1 major : 7850 USD
TP2 major: 7000 USD
TP3 major: 6300 USD
And 10% left because we never know what will happen (double bottom? ,etc...).
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