BTCUSD - Short Term Update (08/12/2024)

Just a quick update this morning. We made it to my wave 4 target as I outlined on the video late last week, but the rise from that move was slow and corrective so that position was exited. I had standing orders at 59,000 based on it being a psychological area of support, but ultimately even that was too high. We did cut deep but the price action kept us above that level, though it did take time.

I am not a huge fan of the price action here so although I'm showing a trade in the chart, I am not in a position with leverage at this time. Things are too choppy and I'd rather wait for a more quality trade to present itself.

tl;dr - price action currently not favorable. Choppy and corrective. Only quicker moves right now imo. Best to sit on your hands or sit in spot positions at this time.