So he we are everyone, with an update on the Great Bitcoin.
We now sit at the 786 of the current swing low to swing high, and whether you are labeling that impulsive wave as a 1 or an A makes a HUGE difference regarding where we stand now. Buyers came in as expected at the 786 swing retrace; however, from one look at the trade volume on GDAX we are seriously lacking buying pressure to propel BTC forward. Per Elliot Wave Analysis, if this is a 3rd wave, then we must see an impulse wave come out of this low in the month of June. In other words, we are looking for a clear 5 wave. Time will tell.
Bitcoin shorts at the 50 retrace of the current swing have a target unrealized which will likely test a double bottom of the April 1 low. This would be another area likely to see a bounce if the 786 does not hold. Trading here, in my novice opinion is definitely too risky, even with a super tight stop--long or short. Remember, there are always retracements and placing a trade at these levels requires strict adherence to one's' TA or trade setup. I would rather wait for Bitcoin to start moving and take the next 2 wave, or let the market play out over the next week to see if the shorts realize target.
As always, this is my educational opinion and not financial advice telling you when to buy. I only hope to point out where the market will statistically most likely react.
longmoney still sits is a no trade zone on BTC, but if it does pop I will look for opportunities in my other alts for their volatility before I begin adding to a long Bitcoin position. Let the market reveal, there is no rush.
longmoney out...
We now sit at the 786 of the current swing low to swing high, and whether you are labeling that impulsive wave as a 1 or an A makes a HUGE difference regarding where we stand now. Buyers came in as expected at the 786 swing retrace; however, from one look at the trade volume on GDAX we are seriously lacking buying pressure to propel BTC forward. Per Elliot Wave Analysis, if this is a 3rd wave, then we must see an impulse wave come out of this low in the month of June. In other words, we are looking for a clear 5 wave. Time will tell.
Bitcoin shorts at the 50 retrace of the current swing have a target unrealized which will likely test a double bottom of the April 1 low. This would be another area likely to see a bounce if the 786 does not hold. Trading here, in my novice opinion is definitely too risky, even with a super tight stop--long or short. Remember, there are always retracements and placing a trade at these levels requires strict adherence to one's' TA or trade setup. I would rather wait for Bitcoin to start moving and take the next 2 wave, or let the market play out over the next week to see if the shorts realize target.
As always, this is my educational opinion and not financial advice telling you when to buy. I only hope to point out where the market will statistically most likely react.
longmoney still sits is a no trade zone on BTC, but if it does pop I will look for opportunities in my other alts for their volatility before I begin adding to a long Bitcoin position. Let the market reveal, there is no rush.
longmoney out...
Note
No changes to my original count. Plenty of opportunities on retracements to get long. Definitely a no buyNote
Quick BTC update before I move on to my other charts. So far, I need to see a break of approx 7700 to go long. Currently, wave structure does not look ideal for this scenario. In the meantime, other trades...Note
Zoomed in for your viewing pleasure :-)Note
No changes to my original play here ;-)Note
Quick BTC update. Just watching this market for nowNote
Quick BTC update...Note
Secondary count. Bullish scenarioNote
*Slight adjustment. ApologiesNote
And the shorts come in ;-)Note
Quick BTC update. New chart will posted soon...Note
Quick BTC update. Next chart will be posted soon. Too busy right now sorryNote
Good break for BTC. But ultra bulls beware...Trade closed manually
Just closing this post out
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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.