First leg down appears to be complete and terminated. Expecting a proregressive(upward) correction wave B to follow. In my humble opinion.
All the best!
BITO 15.40 and 13.20 When rising to the selling resistance line position, there is a possibility of further collapse due to the absence of the lower support line
BITO, the futures ETF for Bitcoin, is potentially putting in a double bottom here similar to how BTC is forming.
Whether you want to reference a wyckoff schematic, the Bullish Shark pattern with a type 2 in place, or the elliot wave structure on the corrective move from the peak, weve also got a few nice drives of Bullish divergence on the RSI as well as on the...
... for a 6.00 debit.
Comments: Collected a total of 5.01 for this. (See Post Below). Closing it out here as less of a loser (.99/$99) than it was previously.
Have you seen the outlook for BTC?
• Rising Wedge with Bearish sentiment
• Fractal with Bullish prediction
• Bullish on the 2-hour chart
• Bearish on the 8-hour chart
It can be profitable or devastating to make directional trades. Come what may, we can use options on BITO to capture upside with a downside cushion to quell concerns of volatility. There is a...
... for a .63 credit.
Comments: Rolling out with 28 days to go, but adjusting strikes slightly to delta neutral, since there wasn't a ton of difference in credit between rolling out "as is" versus delta balancing. Total credits collected of 5.01 on a 5 wide inverted. The setup is currently marking at 6.46 relative to my cost basis of 5.01, so it's underwater...
The pattern shown here is a bullish triangle on the hourly timeframe. While the breakout can theoretically be in any direction, the bias is towards the upside. The first target would be the ~18 level (>20% higher).
TAKEAWAY: This kind of move should come on some news headline so let's see what the media feeds us over the next 3-4 days :)
... for a .79 credit.
Comments: Not much I can do with this here besides roll out as is, reduce cost basis further. Total credits collected of 4.38 on a five-wide inverted.
... for an .89 credit.
Comments: Just rolling "as is" here about half way through the cycle to reduce cost basis further. Total credits collected of 2.46 on a 1-wide inverted (i.e., I can invert a smidge further to a two-wide if I don't get a bounce).
Triangle consolidation setup. Main trend is down. A 5:1 reward/risk opportunity.
Take profits fast as sentiment is at extreme bearishness. The world is ending, inflation is out of control, war, interest rates etc etc..
... for a .64 credit.
Comments: The slippage sub-18 was somewhat rapid, so I'm probably got in here a little late to defend my July 15th 17 short put, but something is better than nothing. Total credits collected of 1.57 on a one-wide inverted.
... for a .45 credit.
Comments: Too many trades, not enough time ... . Rolled this out on Friday for a .45 credit. Total credits collected: .48 (See Post Below) plus the .45 here for a total of .93. The original setup was a spread with the long leg at the 11. It has gone no bid, so I'm leaving it behind as a lotto trade.
Bullish divergence here on the 1.13 rejection giving us the second low that make up the "Feet".
The 1.13 rejection also gives us incite into possible retracement levels, as it could imply we will form the CD wave of the Bearish Shark next, giving us a .886 return.
The .382 would be your "Hump" and ultimately the door that takes you to the .886-1.13 extension
On my BTCUSD weekly chart I had a support line drawn at 32,000, though there are wicks down to ~29,700. Shown here on 30min chart, price just crashed down to 31,000 and made a long hammer candle. Keep an eye on BITO, as RSI is under 15 and with price far from 20sma there should be a tradeable bounce soon. There may be a broad rally this week, crypto included,...
