Not out of the woods yet

in #bitcoinlast year

We had a nice move up yesterday, but I don't think we're out of the woods yet. Elliott wave wise this is the third leg of a correction in a downtrend with a Fibonacci target somewhere between $8000 and $8200. There we meet the downsloping resistance trend line and a turn down is actually quite likely for a continuation possibly like below.

Around $8100 might be a good time to buy some 3 months put options; which you should be able to get for 0.1BTC or ca $800. When we go to $6000 indeed, these will be valued at $2000 or 0.33 BTC. Which looks like a good risk/reward ratio.

Should we not turn down around $8k, but shoot through the downsloping resistance trend line, then, depending on the type of breaktrough, it can be a wave 5 of I when we'll return to the entry point, or it can be a wave 3 of I-II, 1-2-3, when you should probably close the puts for a loss.

Long term I remain spectacularly bullish.

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