10/27/2024 Bitcoin Idea. It will go down...
For now, I believe that the downward ABC is still ongoing. Currently, we are seeing a rise within the B wave of the Green ABC correction.
RED ABC- I expect the "Red ABC" to either form a triangle or a flat ABC. If it turns out to be a flat ABC, it would actually be more convenient for trading since the stop-loss would be much shorter.
If we enter a position around 69,000 which is end of "Red ABC correction", we can set a simple stop-loss at around the previous high of 69,500 and aim for a take-profit at least around 64,700.
This would make for a very favorable risk-to-reward trade. However, since the chart isn’t fully formed yet, we should wait and see.
RED ABC- I expect the "Red ABC" to either form a triangle or a flat ABC. If it turns out to be a flat ABC, it would actually be more convenient for trading since the stop-loss would be much shorter.
If we enter a position around 69,000 which is end of "Red ABC correction", we can set a simple stop-loss at around the previous high of 69,500 and aim for a take-profit at least around 64,700.
This would make for a very favorable risk-to-reward trade. However, since the chart isn’t fully formed yet, we should wait and see.
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