BTC got rejected quite precisely at the 55828 Gann level. This corresponds to the 2.382 Fib extension of wave (i).
If price breaks down and out of the channel, we may expect choppy action & further contraction of volatility.
The Elliott count suggests a wave (iv) is due. Should price rally higher, the entire count needs to be revised.
It would be quite unusual if BTC did not re-test the 50k mark. Usually large numbers get re-tested before further upside.
My idea at 52k was to begin scaling out in order to protect capital from a potential wave (iv) and set up a theta decay strategy instead. BTC options are still rich in IV to continue this strategy, while being cautious of the upside risk.
Sun and Mars conjunct natal Midheaven on 11 OCT and we shall watch out for an expansion of volatility 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.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, you can open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
www.deribit.com/reg-14912.6680
Binance
accounts.binanc....me/en/register?ref=LLBB97...
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.
If price breaks down and out of the channel, we may expect choppy action & further contraction of volatility.
The Elliott count suggests a wave (iv) is due. Should price rally higher, the entire count needs to be revised.
It would be quite unusual if BTC did not re-test the 50k mark. Usually large numbers get re-tested before further upside.
My idea at 52k was to begin scaling out in order to protect capital from a potential wave (iv) and set up a theta decay strategy instead. BTC options are still rich in IV to continue this strategy, while being cautious of the upside risk.
Sun and Mars conjunct natal Midheaven on 11 OCT and we shall watch out for an expansion of volatility 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.
BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)
These abbreviations in the chart describe ideas that are provided as educational information and do not constitute financial advice.
If you'd like to support my work, you can open accounts here & get discounts:
TastyTrade
start.tastyworks.com/
Deribit
www.deribit.com/reg-14912.6680
Binance
accounts.binanc....me/en/register?ref=LLBB97...
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.