I don't trade BTC so this is 10 mins of analysis for laughs.
Number of ways to play this;
1. Buy for the 5th wave target of $550 (4:1 reward risk)
2. Buy for the 3rd wave $510 target (2.9:1 reward risk) then short it for the 4th wave into $470 - $450 (2.8:1 reward risk) and then buy the completion of the 4th wave into the 5th
Below $435 negates. Would look to go 3x short and break even or some profit.
Number of ways to play this;
1. Buy for the 5th wave target of $550 (4:1 reward risk)
2. Buy for the 3rd wave $510 target (2.9:1 reward risk) then short it for the 4th wave into $470 - $450 (2.8:1 reward risk) and then buy the completion of the 4th wave into the 5th
Below $435 negates. Would look to go 3x short and break even or some profit.
Note
$510 objective achieved$540 becomes the high of the 3rd wave
Note
Countertrend 4th Wave shortSold $529
TP1 $487
TP2 $470
Trade closed: target reached
Trade closed on reversalShort at 525 closed at 610 = -85$
3x reversal (long) at 560 closed at 610 = +150$
Net = +65$
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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.