Long

Expanded Flat is Playing Out For Wave (4)

Updated

The two orange boxes are potential targets for waves (4) and (5). Once we complete 5 waves up (wave 1 Circle) from ~$3200, expect a sharp move down for wave 2 Circle. $5900 is the 0.382 Fib

Fifth waves are known for extreme extensions in BTC.

Note

Just a warning, it's nearly possible (or possible) to call 5-waves up for wave 1 Circle. I would expect a drop of >= $4400....50% of the move up or greater.

Note

There is one reason that we still could extend higher is, the number of BTCUSDSHORTS is rising. I would expect this to drop (to an extreme low) just prior to a BTC top. This does not have to be the case, but it has happened at extremes previously.

Trade closed: target reached

I would call the top in for wave 1 Circle...deep correction in progress.

Note

Expected depth to around $6600-$4500....50%-76.4% in log scale. We are definitely in a bull market, with 5 up. The next move up could be to around 61K-103K...more than likely much higher.

Note

BTCUSDSHORTS just plummeted from 33000 to 9700, indicative of a significant top for wave 1 Circle. When no one is short, you should be looking for short positions.

Note

We are working on an A-B-C (or more complex) to 8K-$4500 then WAY higher, maybe 61K-225K for a top.

trader_jackson

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.