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Bitcoin - Going for 20K or 100K first ?!I have 2 counts for Bitcoin at current level. First one you can see higher and the alternate one is here below. Count 1 : suggests we finished red wave 3 and are now consolidation for red wave 4. Seen how shallow the wave 2 retracement is, we can expect something similar and not too much out of proportions for wave 4. After this wave 4 pullback we could then see price go for the 261.8% Fib projection of red wave 1 which is at 115K ! Be aware though that a new high doesn't immediately mean wave 4 is over as it's possible we get a Flat or a Triangle correction and in both cases wave B of those corrections can make a new high before going lower again! ------------------------------------------------------------------------- Count 2 : suggests blue wave 3 is over and we are now in a larger wave 4 correction which can last nearly a year seen that blue wave 2 lasted 260days and waves 4 often have a tendency to last a bit longer in time than wave 2. This correction would then also be much deeper than that of the first count, with potential support around the blue noted zones at 29K/33K or 18K/22K. -------------------------------------------------------- In conclusion Better be cautious for the moment and wait for any of the counts to be validated before putting your hard earned money in.
BITSTAMP:BTCUSD
by ElliottWaveBelgium
1
Coinbase IPO: Buy the Rumor Sell the News?Despite how bullish this crypto run has been; One can't help to question the possibility of the Coinbase IPO release marking an intermittent top. Looking back at the 2017 bull run, the CME Future release marked the top of the of the crypto market for some time; Post-futures release was then followed by several painful years of consolidation. It wasn't until 2020 that $BTC was finally able to re-claim its ATH crown. Though I do not expect a multi-year bear market after the IPO, I do expect some serious volatility. Another Buy the Rumor Sell the News? There is a tremendous amount of hype/evaluations around the Coinbase IPO which draws some concern. To support this, we are roughly 6.5 hours away from the $COIN release and we have a beautiful ABCD setup that just completed itself at $65,000. I have been trading the CD leg of this for the last several days and was personally hoping for this to hit 65k right around release. This early strike increases the probability of a blowing past resistance, but regardless the pattern is worth mentioning. The ABCD: ABCD Patterns are the simplest out of all the harmonics to trade. If if the BC retracement of the AB leg lands on the 0.618 we would likely find resistance at the 1.272 of the BC extension. If resistance is found and the pattern completes itself, Target 1 would be the extended trendline of AC leg while the second target would be point C. By placing a stop just over the .1414 would we have over a 1:4 trade to TP1 alone for over a 10% gain. If this would push down to TP2 we would be at around a 20% gain. All while 2-3% loss with fees. I do my best not to counter-trade; but this ratio seems too good to pass up. I hope you all found this idea interesting and maybe even a little helpful. Cheers
BITMEX:BTCUSD.P
by oh92
3
Average Up as a Trading StrategyThe average up strategy provides Huge wins, Small losses and Risk minimized. Use RANGE-CHART for this, so you could see the Buy setups more easily with less noise or time distortion. First You look for a buy setup, one that you believe that price should move rapidly from your starting buy point (you expect ab big relative move). Second You add up position. Every trader should use his own risk management based on his account size and what he is comfortable with, BUT... The position units you add have to be in the SAME SIZE! If they are not in the same size, the break-even point will not move up as I showed in the chart. Side note: experience traders can play with the portions of the positions, so they can manipulate the break-even point as they wish... In the first case on the chart (the idea was wrong), the position stopped out with 3 units of loss. In the second case on the chart (the idea was right), the price from a certain point moved away from the break-even point, which means that you were GREEN the whole time in the trade (when you had a relatively big position). You had "AIR" to hold this huge position. Many great traders used the average-up strategy: Jesse Livermore, Richard Wyckoff, Nicolas Darvas. If you are right, you are right in the biggest position possible => you have a huge win of 45 UNITS. if you are wrong, you are wrong in the small position => you have a small loss of 3 UNITS. --------------------------------------------------------------------------------------------------------------------------- Bottom-line profit => 42 UNITS of profit $$$$ If you like this educational, let me know in the comments, and like it, so it will be saved on your liked ideas.
NASDAQ:NVDAEducation
by ZoharCho
7