Bitcoin (BTCUSD) Update! C-Wave Finished? Time For The Bulls?

in #bitcoin2 years ago (edited)

I wanted to do a quick update on BTCUSD cause I think this current area has some great potential. Right now we are approaching the long-term trend line (represented by the yellow line on the chart below), plus we have some nice confluence with our Elliot Waves count & fibs!

Let's take a look at the macro view...

Now, let's zoom up a bit and look at some potential opportunities!

As you can see, we ended up hitting the 0.786 fib to the tick!! Additionally, we see that in that C-wave, there is a clear 5 wave structure signaling the probable end of that correction!

If you want some more confluence, take a look at the RSI below...

Everything is looking pretty damn good and the odds are ever in our favor (hunger games reference?!?). So how can we trade this? Let's analyze some options :)

How To Trade

Let's go through a couple options for entry on this trade depending on the risk you are willing to take on!

Option 1: Risky Entry

Entry: $7485
Stop: $6500
Edited TP: $11,136

Note: there will be multiple times to take your profit throughout this move up - this is the final destination I anticipate it to reach before a major correction

This is the riskiest because we haven't seen data to show that the bear run is, in fact, over. However, with greater risk comes greater reward. If you manage your trade properly (with this its a 5.5 risk-to-reward, which is great) you could make some great gains while mitigating your losses.

Option 2: Risk-Averse Entry

It's not in your best interest for me to give you an exact entry point right now because truth is, is the entry will depend on the reaction (as shown in the chart above).

There is some confluence at the 0.886 fib and the bottom of the long-term trend line, which has potential to be a point of reversal if the current 0.786 fib isn't. Keep an eye on the price action to see if it heads down to this area or if it reverses and begins to approach the top of the bear channel.

Once the price action gets to the top of the channel and a flag begins to form, start looking for entry. This signifies a breakout, and you DO NOT want to miss it!

Have any other questions?! Just leave a comment and I'll get back to you as soon as I can :)

Thanks for taking the time to read & good luck

Matt

Disclaimer ------ This is NOT financial advice. This is my opinion & is based off trades that I intend on taking. If you take it & lose money - so did I.

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For future viewers: price of bitcoin at the moment of posting is 7513.00USD

Update: 2 hours after posting this, we are up around $400! #letsgo