Heads or tails? Short

BITSTAMP:BTCUSD1D

Bitcoin / U.S. dollarBitstamp

Description

⋅ Jun 20, 2021 9:34 PM

I'm planning for shorts on either side of the breakout/breakdown.

Assumptions:

Impulse wave down is in play
We are in wave 4
We are in a pennant
If we are in an impulse wave down, and in wave 4, then we should see upside before the downtrend continues.

Comments

comprehensiveC8556

⋅ Jun 20, 2021 10:18 PM

Wave 4 can not overlap with wave 1. back to the drawing board...

HelioHelix

⋅ Jun 20, 2021 10:37 PM

@comprehensiveC8556, I'm aware. edit: If the breakout is the maximum height of the flagpole it would go inside the low point of wave 1 invalidating the impulse wave down the idea. However, I don't believe that the price has to use the full height of the flag pole. Additionally, we could break out from a lower position within the pennant and not invalidate the impulse wave down.