Local BTC Bottom Likely
We most likely had a bottom in BTC in the early morning. A classic abc formed and now the volume indicators I use are suggesting buyers are back in control. Yesterday really panned out as a nice short. I took profit near the bottom and took a 20% position short as we rose today, until the volume indicators started to turn on and I stopped out with a bit of a loss. I'm now 50% long. I don't have a macro count I am completely sure of but in my 'tentative' count, I have 2100-2200 as an important fibonacci target. So, we'll see how it reacts there. I'll start to scale out my long there but wait for a sign of selling before shorting. See the alt larger degree b and c on the chart. B's are never exact target but if we start to see an impulse down near the all time highs, with a turn in volume, we can stop the longs and look at short entries.
For a reference post on my approach to trading see:
https://steemit.com/cryptocurrency/@wildtrader/how-i-trade-cryptos-using-elliot-wave-theory
to bad i don't understand anything of the above :'D
Do you have questions? Maybe I can help. I also have a reference post for how I trade. https://steemit.com/cryptocurrency/@wildtrader/how-i-trade-cryptos-using-elliot-wave-theory. That may help as well.
Hi! Do you consider higher probability move up to to 2100-2200, or is the alt count looking better here? Thanks, and love the posts!
Yes, I've been meaning to post on that today but my day job kept me busy. The impulse is broken and the alt path is in play. I am actually currently net short in BTC, both in direct leverage and a few alt pairs. I tend to be more of a nimble trader than my ability to post. Sorry about that. A simple a=c would put us at $1545. Never as easy as a=c but that's an initial target until we have more structure. But I do believe we'll see $2100+ after that, until something else breaks.