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I have a bullish outlook on BTCUSD based on the 30-minute chart analysis. The Elliott Wave theory signals the completion of wave (5) and the start of wave (a) upwards. I am targeting the 0.618 Fibonacci retracement level at 61958, with a potential further rise to the 0.5 level at 61834. The price action displays a distinct impulsive wave pattern succeeded by a corrective wave, indicating a positive trend. With an entry point at the current price of 61345, I anticipate a rise towards the mentioned Fibonacci levels. To manage risk effectively, the stop-loss is positioned just below the recent low of wave (5). This trading setup offers an attractive risk-reward ratio for a long position.
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Trade completed: profit target attained
