Bitcoin Could be Headed Back to 5k (Elliott Wave Forecast)
BTC is potentially in a double combination pattern since June 2019. Considering that this appears to be the 2nd wave-B, we will likely finish out this wave in a few weeks before heading lower towards 5k. After we hit 5k we'll likely find a long-term bottom and head back towards all time highs.
Many people got hyped up and bought BTC this week thinking war with Iran was about to happen. As the US government has signaled they are going to de-escalate the situation for now, it seems that we've narrowly avoided war. However, the situation is still very dangerous and could get worse later in the year, especially after the election. For now, it seems like the hype is dying down and BTC will fall back towards 5k, and the US stock market will continue ripping upwards.
I am entering long PUTS here, with a 20-30% S/L, based on Neely River Theory on the WEEKLY chart. (BTC-27MAR20-8000-P)
If this position increases by 30%+ I will be looking to write ATM premium or buy ATM calls to protect profits, depending on the volatility.
Many people got hyped up and bought BTC this week thinking war with Iran was about to happen. As the US government has signaled they are going to de-escalate the situation for now, it seems that we've narrowly avoided war. However, the situation is still very dangerous and could get worse later in the year, especially after the election. For now, it seems like the hype is dying down and BTC will fall back towards 5k, and the US stock market will continue ripping upwards.
I am entering long PUTS here, with a 20-30% S/L, based on Neely River Theory on the WEEKLY chart. (BTC-27MAR20-8000-P)
If this position increases by 30%+ I will be looking to write ATM premium or buy ATM calls to protect profits, depending on the volatility.
Trade closed manually:
Sold PUTS for a tiny profit (+3%), looking to re-open higher.
Trade active:
Re-entering
Trade closed manually:
Waiting on this one
Trade active
Order cancelled
Comment:
Charts are flipping bullish now, Following this new chart:
