BTC Elliot Wave, SHORT

Fundamental Elliot Wave on BTC at the moment.

- Wave 2 did not retrace more than 100% of Wave 1
- Wave 3 is not the shortest of the three waves
- Wave 4 did not overlap Wave 1

I think shorting BTC would be a good choice here due to the fact that Elliot wave principle shows a downtrend, and additionally to the Gann Fan the trend failed to breakout of 2/1 multiple times. It's a bulls v. bears market right now, and bears are winning hard.

Kommentera:

Another idea is that wave (b) could take off due to the reversal trend off the RSI values prior and post the correction to $14500.

RSI previous was at around 25, and now it's at around a semi-healthy 42.

Something to think about.

Kommentera:

We are seeing expected gains for the formation of the right shoulder

Everything looking good so far!

Kommentera:

Looking like the next correction is imminent.

Many have been caught by the bull trap, and they will be heavy in the red in the near future.

Trade stängt: Stopp nått:

At the time of this post, BTC is now at 13600.

Started short position at 14800, stopped position at 13600. (-8.1%)

Beautiful correction. I think we could go way lower but I'm going to take my profits now as I'm satisfied with the return.