The bitcoin seemed to finish the elliot 1 wave, and came to the second wave.
In the bull market, I have checked the price range where the two waves can be concluded universally. The price range of about $ 7,800 corresponds to 38.2% of Fibonacci retracement and is a price range where many transactions are concentrated. It is a place to show strong support. Therefore, it is the price range that can be the appropriate buying interval, and the short stoploss thus becomes the price of $ 7600 which will affect 50% of Fibonacci retracement.
In the bull market, I have checked the price range where the two waves can be concluded universally. The price range of about $ 7,800 corresponds to 38.2% of Fibonacci retracement and is a price range where many transactions are concentrated. It is a place to show strong support. Therefore, it is the price range that can be the appropriate buying interval, and the short stoploss thus becomes the price of $ 7600 which will affect 50% of Fibonacci retracement.
Comment:
This analysis can be applied to both day trading and long term investment. For long-term investments, place Stoploss further down.