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.
- 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.
Note
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.
Note
We are seeing expected gains for the formation of the right shoulderEverything looking good so far!
Note
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 closed: stop reached
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.