BTCUSD on path to new local high then low

Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Description

⋅ Jan 19, 2018 5:15 PM

BTCUSD is coming off of a quick dive to $9000. I touched on this potentially forming an Adam and Eve double bottom. I think it could bounce off this 0.618 fib, make a new local high around 13K, then down to $8500-7k. Long at $10500, short at 13K, long at 8k.

Watch for break above 50 SMA on 1 hour. If we go above dashed line then the Elliot Wave count shown here is invalid.

*NOT TRADING ADVICE ETC.*

Comment

⋅ Jan 19, 2018 9:00 PM

If we break below 10k or the 0.786 fib support I believe we will fall to $8000-$7500.

Trade closed: stop reached

⋅ Jan 20, 2018 4:55 AM

Trade active

⋅ Jan 23, 2018 5:28 AM

Mistakenly updated, stop was not hit. On target.

Trade closed: target reached

⋅ Mar 18, 2018 8:00 PM

There we go

Comments

josephtse

⋅ Jan 23, 2018 7:39 AM

There could be some initial buyers at $9200, thus stopping plans to buy at $8000. But we'll eventually get to $8000 in a zig zag fashion. So still safe to short rips here.

Manifested

⋅ Jan 23, 2018 8:02 AM

@josephtse, I agree. I anticipate some sideways ABC corrections as well.