BTG just started wave 4, and it will experience corrections for the next few days (or hours) before the next surge. According to Elliott Wave guidelines, wave 5 will likely be extended when wave 1 and wave 3 are the same length. With a conservative 1.272 Fibonacci Extension, we get a target of $544. $600 is totally within the horizon. Also, the price is unlikely to go lower as wave 4 never retraces to wave 1. This gives us a low risk opportunity to load up on BTG.
Note: We may or may not get a second bounce in the buy zone. That is just one possibility.
Note: We may or may not get a second bounce in the buy zone. That is just one possibility.
Comment:
I know the stop loss hit, but I don't think it will go down further. In the short, we will have a small bounce.
