If BTC follows the exponential three wave bull run it had in 2017, where it'd dip ~2/5 and subsequently run ~2/3 higher than it's last peak, BTC should be topping out around $23.3k (~2/3 above it's last peak of ~
14K - the first peak of this bull run) before a subsequent retracement to 14K (~2/5 drop from a $23.3k peak), and before finally running to ~
39K+ (>= ~2/3 higher than the second peak of ~23.3k).
14K - the first peak of this bull run) before a subsequent retracement to 14K (~2/5 drop from a $23.3k peak), and before finally running to ~39K+ (>= ~2/3 higher than the second peak of ~23.3k).Note
20x leverage short on perpetual BTC swaps with a stop loss at $24k (~1.5%) has a great Risk/Reward ratio; 1/31.5 (~30% downside vs ~945% upside) if the 2017 pattern repeats itself and a retracement to 14K occurs.Note
Lower stop-loss to $23.6k entry point. Downside is now 0 with a 945% upside in the case this plays 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.