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melssz
Oct 5, 2017 2:08 PM

BTC short term sell opportunity  Short

Bitcoin / DollarBitfinex

Description

BTC is moving incredibly fast. It seems to have already completed the first leg up. Although it could also go up a bit above point B, so I wouldn't be surprised to see ~4380 tomorrow morning.

However, I already got my first short order filled at 4310, which might have been a bit too greedy, but it was a small order and I have additional short orders all the way up to 4400. Target will be around 4200.

It is at 4299 now, so far so good haha.

Comment

I probably plotted the leg up and down a bit too steep... this seems more likely, might have a little wave down, followed by a wave up before we reach the top of wave 1. ( that way wave one also consists of 3 waves)

Comment

I was clrealy wrong, I forgot that wave 1 itself often consists out of multiple waves. However I have some more shorts around 4450 and hope that will be the top of wave 1. If it goes above 4470 I will just accept my defeat and cut my losses :p
Comments
ameenahsan1284b
Any updates...?

melssz
@ameenahsan1284b, Already waned to update it but didn't have time haha. Clearly bitcoin had more steam than I thought, and it might not be following the elliott wave anymore. If that is the case it is important to cut losses and rethink the chart analysis
MiloszKaszynski
We agree ;)
vganore
looks great study
melssz
@vganore, thanks!
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