TradingView
CodeAndQuant
May 18, 2016 9:01 AM

Bullish fun with Bitcoin Long

Bitcoin / U.S. dollarBitstamp

Description

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

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$
More