TraderSQUAD
Long

Bullish fun with Bitcoin

BITSTAMP:BTCUSD   Bitcoin / Dollar
I don't trade BTC             so this is 10 mins of analysis for laughs.

Number of ways to play this;

1. Buy for the 5th wave target of $550 (4:1 reward risk)

2. Buy for the 3rd wave $510 target (2.9:1 reward risk) then short it for the 4th wave into $470 - $450 (2.8:1 reward risk) and then buy the completion of the 4th wave into the 5th

Below $435 negates. Would look to go 3x short and break even or some profit.
Comment: $510 objective achieved

$540 becomes the high of the 3rd wave
Comment: Countertrend 4th Wave short

Sold $529
TP1 $487
TP2 $470

snapshot
Trade closed: target reached: Trade closed on reversal

Short at 525 closed at 610 = -85$
3x reversal (long) at 560 closed at 610 = +150$

Net = +65$
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