BTCUSD: Elliott Waves Intraday Trading
The price continues to change the structure and wave levels.
After a burst of volatility, the price has moved into a range and is under moderate pressure from sellers.
Yesterday we managed to open long positions at the end of the WXYXZ pattern, but we had to close the position very quickly with a small profit, because the growth dynamics was not confirmed.
At the moment, I have made adjustments to my trading plans, according to the current price dynamics.
In the basic scenario, I consider the formation of a complex correction in the form of a plane. Such formations should be traded very carefully, because any price levels (which serve as levels for placing stop orders) are very easily tested by punctures for strength.
Alternatively, I expect the downward movement to take the form of a bullish wedge, which could be the starting model for a medium-term trend reversal.
Best regards,
SEO Tornado Capital
After a burst of volatility, the price has moved into a range and is under moderate pressure from sellers.
Yesterday we managed to open long positions at the end of the WXYXZ pattern, but we had to close the position very quickly with a small profit, because the growth dynamics was not confirmed.
At the moment, I have made adjustments to my trading plans, according to the current price dynamics.
In the basic scenario, I consider the formation of a complex correction in the form of a plane. Such formations should be traded very carefully, because any price levels (which serve as levels for placing stop orders) are very easily tested by punctures for strength.
Alternatively, I expect the downward movement to take the form of a bullish wedge, which could be the starting model for a medium-term trend reversal.
Best regards,
SEO Tornado Capital
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