BitcoinLong
Alternative Bullish Elliott Count! (8100)
Updated
Hi guys,
As I've told some of you already, I woke up this morning with some doubts about my previously shared Bearish Idea (linked below), as the Elliott structure on the lower time frame didn't really seem to make sense. I had to come up with an alternative, and had 2 possibilities, so I went with the one that made most sense to me, which I am presenting in this bullish alternative idea. Which is in fact bullish short term, bearish mid term, and bullish long term.
As you can see by my subdivision on the lower time frame, we would only be at the 3 of the 5 at that 7300 mark, we still would need to put in the 5 after all.
Do I suggest you to long here? Well, I suggest you to keep it safe, don't use high leverage, put in a stop loss and move it around, like I advise you to do each time. However, if you are keen on longing, you might want to wait for another short term leg down which could indicate a completed ABC correction and the perfect spot to long in this play.
Who's with me to long 6450-6500 and see what will happen?
Who's with me to short 8100 if we get there and see what will happen?
I am very curious and excited to what's next, I took partial profit on my short already and am still glad I took it around 7k as mentioned before.
As to how this will play out when we reach 8100, it will become very obvious that the same support structure visible in my previous idea (5400-5500) would become the golden pocket area if we finish this wave at the 8k area, so the bearish pattern in my previous Idea would be valid once again, even if this scenario is the one that plays out. Of course, I will create a new chart and update this post if we were to hit 8100 to show you what I expect this market to do and how I will be trading that.
One again FYI, the 8100 level is somewhere in the middle of the golden pocket area from the entire Corona fear move starting at 10.6k and ending at 3.8k (Coinbase), for that reason it is very very very likely to form heavy resistance if we get a 5 that high, and I see no reason not to sell your position when we do, but I am not a financial advisor and you should make your own decisions and DYOR.
I wish all of you good luck and stay safe!
PS: This might be interesting for you if you wan to learn more about FIB and Elliott trading, I have a lot of respect for Sam from TradeDevils and have been following him for years, I suggest you do too! I am still a noob in this stuff, and I would consider him to be a professional.
As I've told some of you already, I woke up this morning with some doubts about my previously shared Bearish Idea (linked below), as the Elliott structure on the lower time frame didn't really seem to make sense. I had to come up with an alternative, and had 2 possibilities, so I went with the one that made most sense to me, which I am presenting in this bullish alternative idea. Which is in fact bullish short term, bearish mid term, and bullish long term.
As you can see by my subdivision on the lower time frame, we would only be at the 3 of the 5 at that 7300 mark, we still would need to put in the 5 after all.
Do I suggest you to long here? Well, I suggest you to keep it safe, don't use high leverage, put in a stop loss and move it around, like I advise you to do each time. However, if you are keen on longing, you might want to wait for another short term leg down which could indicate a completed ABC correction and the perfect spot to long in this play.
Who's with me to long 6450-6500 and see what will happen?
Who's with me to short 8100 if we get there and see what will happen?
I am very curious and excited to what's next, I took partial profit on my short already and am still glad I took it around 7k as mentioned before.
As to how this will play out when we reach 8100, it will become very obvious that the same support structure visible in my previous idea (5400-5500) would become the golden pocket area if we finish this wave at the 8k area, so the bearish pattern in my previous Idea would be valid once again, even if this scenario is the one that plays out. Of course, I will create a new chart and update this post if we were to hit 8100 to show you what I expect this market to do and how I will be trading that.
One again FYI, the 8100 level is somewhere in the middle of the golden pocket area from the entire Corona fear move starting at 10.6k and ending at 3.8k (Coinbase), for that reason it is very very very likely to form heavy resistance if we get a 5 that high, and I see no reason not to sell your position when we do, but I am not a financial advisor and you should make your own decisions and DYOR.
I wish all of you good luck and stay safe!
PS: This might be interesting for you if you wan to learn more about FIB and Elliott trading, I have a lot of respect for Sam from TradeDevils and have been following him for years, I suggest you do too! I am still a noob in this stuff, and I would consider him to be a professional.
Note
God damnit, this makes me so pissed.I was drawing you another chart as update explaining tha tshort term action, and how I think it would proceed. Then I get interrupted by my girlfriend and by the time she leaves the room the price already dropped all the way through validating what I was about to share with you beforehand.
So yeah, basically I have seen the the price action, the bullish breakout, but straight away I was very convinced it was a fake breakout, now that has been proven just before I was able to showcase it to you, this is the reason why I am taking the long at or below 6.5k
Note
Orders placed at:- 6450
- 6390
Stop loss placed at:
- 6299
Alert placed at:
- 6520
Note
This took of earlier then expected and I am moving my orders to:- 6990
Note
6990 mentioned above was a decent long, riding the channel you can see below for the moment. Without extremes that should be viable until our TP is reached. However, I expect a bigger chance that this breaks upwards because of FOMO at such high prices, most will be burned by the quick and strong reactions from bears at the golden pocket resistance!Note
Note
Exactly like I told you. Another touch on the channelNote
We might even be forming a bull flag to 8100 which would once again support the bullish TP. Note
This is not advise to sell your BTC any time soon, but I can us hitting the upper channel trendline again within 3 hours from now, afterwards liquidate high leveraged longs towards the bottom trendline around 7k by tomorrow morning, then move up slowly and break the upper trendline and go parabolic for a brief moment towards 8-8.3kTrade active
Not too far from the rising channel bottom trendline, starting to ladder longs.Trade active
I really really hope I am not the only one who has made a ton of money already based on the channel I put here 3-4 days ago!Note
Even if this wouldn't play out till that 8100 target, 7800 still seems to be the least we will get from it. I am able to figure out a decent Elliott count for this wave up. However, as mentioned by WeHongry in the comments, I wasn't able to do it for the bigger count. Trade closed: stop reached
BTC broke the channel and therefor the biggest chance it had to put in a higher high on the short time frame.I myself was stopped out in profit at 7250 USD.
I am going to put out a new idea with some interesting short/mid term bearish and long term bullish targets. I will also be transparent on where I will enter a short in this market and where I will take profit along the way and add to the short position.
Note
Please refer to the newest idea, just published:Note
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