Bitcoin, 6 OCT - Elliott waves | Gann | Astrology $BTC
Our last entry at 42800 has given us a nice profit so far.
Bitcoin is now at the median level between two Gann levels. We can count 5 waves to the upside (green count), assuming that wave v is coming to an end. That would complete wave (iii) of a larger degree (blue count).
Sun squares natal Sun on 6 OCT, an important and potentially problematic aspect.
An idea could be to scale out as we don’t want to get chopped up in a potential wave (iv).
When we see further confirmation of an unfolding wave (iv), an idea could be to set up a Theta Decay strategy to receive income from expiring options. Another idea would be to trade altcoins because they thrive when BTC ranges after a strong move up (Bitcoin dominance decline).
Potential support levels for a wave (iv) would be:
- 48608 Gann level and .236 Fib
- 47400 .382 Fib level
This is the range of the blue box.
Below 46800 the assumption is invalidated.
Correlations: Nasdaq is currently correcting to the upside and approaches the 50-60% retracement zone where sellers may step in again.
______________
www.constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
Open an account here if you'd like to support my work:
TastyTrade
America's best Options, Futures and Crypto broker
start.tastyworks.com/
Deribit
The world's most liquid Bitcoin options platform
www.deribit.com/reg-14912.6680
Binance
10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
TD = Theta Decay (for example a strangle or iron condor)
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Bitcoin is now at the median level between two Gann levels. We can count 5 waves to the upside (green count), assuming that wave v is coming to an end. That would complete wave (iii) of a larger degree (blue count).
Sun squares natal Sun on 6 OCT, an important and potentially problematic aspect.
An idea could be to scale out as we don’t want to get chopped up in a potential wave (iv).
When we see further confirmation of an unfolding wave (iv), an idea could be to set up a Theta Decay strategy to receive income from expiring options. Another idea would be to trade altcoins because they thrive when BTC ranges after a strong move up (Bitcoin dominance decline).
Potential support levels for a wave (iv) would be:
- 48608 Gann level and .236 Fib
- 47400 .382 Fib level
This is the range of the blue box.
Below 46800 the assumption is invalidated.
Correlations: Nasdaq is currently correcting to the upside and approaches the 50-60% retracement zone where sellers may step in again.
______________
www.constellations.trade
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to use options premium decay for consistent income when markets may contract and range.
Open an account here if you'd like to support my work:
TastyTrade
America's best Options, Futures and Crypto broker
start.tastyworks.com/
Deribit
The world's most liquid Bitcoin options platform
www.deribit.com/reg-14912.6680
Binance
10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice:
STO = sell to open
BTC = buy to close
BTO = buy to open
STC = sell to close
TD = Theta Decay (for example a strangle or iron condor)
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.