My perspective on $BTC:
This straightforward analysis employs Elliott Wave Theory. In essence, Elliott Waves consist of 3 impulse waves (1-2-3-4-5) and 2 corrective waves (A-B-C).
In a bullish market, 3 waves contribute to forming higher highs, while corrections are limited to 2 waves.
Observing the chart, it appears that BTC is undergoing a 2-wave correction, which is a typical occurrence in a bullish market.
For holders, there's no need for concern as the market remains bullish. However, if you're an intraday or scalper trader, considering a short position might be viable. Yesterday's apparent stop-loss was likely a fakeout, suggesting a gradual correction.
Short Setup:
- Entry Zone: 43.4k-43k
- Stop Loss: Above 44k
- Take Profit: 42.4k or lower
Given the higher timeframe, it's advisable to use a small leverage.
