BTCUSD (CRYPTO) buy on dips
BTCUSD made All Time High 73805 on 14th March 2024
post that made low till now is 49112 on 5th Aug 2024
corrected nearly for 5 months.
Elliott Wave Analysis :
BTCUSD in Triple correction namely w-x-y-x-z
of which last leg is in progress... till now low made 49112.
Expecting wave z to form Triangle Pattern.
Indicator :
MACD given Positive Diversion and Positive cross over.
Important support :
Channel support near 53000
psychological level and low 49112
Worst case expected low : 45000
Improtant Fibonacci level :
0.618 % : 58430 (Acting as immediate resistance)
Buying opportunity :
Conservative approach: Buy on crossing 0-b trendline and sustaining above golden fib 58430
Aggressive approach : accumulate slowly near 45000-58430
Upside Potentials:
73000++ in long term
Conclusion : Be cautious now in shorting BTCUSD. Now time to look for buying opportunity in dips.
Disclaimer : Study here presented only for Educational purpose... No Trading advise..
post that made low till now is 49112 on 5th Aug 2024
corrected nearly for 5 months.
Elliott Wave Analysis :
BTCUSD in Triple correction namely w-x-y-x-z
of which last leg is in progress... till now low made 49112.
Expecting wave z to form Triangle Pattern.
Indicator :
MACD given Positive Diversion and Positive cross over.
Important support :
Channel support near 53000
psychological level and low 49112
Worst case expected low : 45000
Improtant Fibonacci level :
0.618 % : 58430 (Acting as immediate resistance)
Buying opportunity :
Conservative approach: Buy on crossing 0-b trendline and sustaining above golden fib 58430
Aggressive approach : accumulate slowly near 45000-58430
Upside Potentials:
73000++ in long term
Conclusion : Be cautious now in shorting BTCUSD. Now time to look for buying opportunity in dips.
Disclaimer : Study here presented only for Educational purpose... No Trading advise..
Note
60640 high till nowNote
61302 high till now..Note
62574 highNote
63848... super high.. moving as expectedNote
64129 ...high till nowNote
64734 highNote
66448 high till now... slowly moving to targetNote
68300+ High till now....
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.