YELLOW Fib levels go from 200 to ATH , accounting for W1 of whole BTC history, copied this from Mr. GoldBug.
RED EW count is midterm, starting at July lowest point. RED Fib levels are retracement points for this RED WE Count. It seems that W3 of midterm RED count has finished retracement at slightly below 0.382 (5117 EUR) or it will continue to 0.618 (4073 EUR).
Current movement low can be seen as W2 of entire BTC epoch, and in it is move down from midterm wave (RED) which should not go to 0.618 because this is breaking rules of EW count. If movement down persists, this is move down in W2 from entire BTC epoch and this could be move to very low points, 0.618 level is at 2728 EUR value.
Current movements can be seen as fractals of this move down. Move from ATH to 4700 EUR point (GREEN leg A) is leg A of retracement in RED midterm count, which will be followed by up movement (GREEN leg B) and then again down movement (GREEN leg C).
of GREEN wave is depicted in BLUE, 3 wave move up, there is possibility of trade with R:R 1:2 (on the chart) or 1:3 after move down at about 5191m, if price follows pattern, there should be move up at 5994 EUR level, this is to be taken with great caution. I myself am very hesitant to do this trade, as R:R is no so favorable and setup is very complicated. In general, it would be best to wait for competition of major moves, especially if larger correction occurs.
Trade idea came from MarcP post, this is my attempt to understand this trade and setup, and if you want to be serious trades, YOU have to UNDERSTAND this concepts and make YOUR OWN PLAN. There is no certainty whatsoever, especially with BTC , this is my attempt to understand and to show how trades are developed and risk is managed. If you do not understand slightest part of this, please do not make any trades regarding information here.