Tommy_Trader

Bitcoin some possible short-term scenarios

Tommy_Trader Updated   
BITFINEX:BTCUSD   Bitcoin
Here is BTCUSD Bitfinex 30hr.
Assuming that the up-going wave starting from October 31th is impulsive, which also implicates that the down-going wave from November 7th is corrective, I have brought up some possible scenarios.
Scenario 1: This wave counting indicates that we are done with ABC corrective waves and starting a new impulsive wave which can be either yellow wave 3 or yellow wave C. In this case, a strategy of entering long position when green sub-wave 1 retraces (green wave 2) could be considered. Additionally, aggressive traders can accumulate long when green wave 1 is broken above expecting wave 3 to come in place.

Scenario 2: This scenario displays that we are still on yellow wave B. Of course this bouncing wave can be either yellow wave B or yellow wave 2 (down-going wave being impulsive). Considering this scenario, I have targeted wave B to the retest region of yellow trend line that was broken few days ago. Setting SL right above recent swing high (end of yellow wave 5), a trading setup was designed for short entry where some resistance is expected at retesting area.

Scenario 3: This is the most bearish case of all where we make lower lows. In this case, we can set up a long entry around 0.786 retracement level with SL right below swing low (start of yellow wave 1).
Comment:
1st scenario EP1 entered

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