brianbaldacchino
Long

BTC/USDT buy/sell trading strategy

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
• Currently ending consolidation wave 4 of larger cycle starting 6th Feb @ c.6000

• Wave 4 formed bullish symmetrical triangle and looks to be breaking out

• Entering fifth impulse wave of motive phase:
- Wave 1 to reach c.11,750 at historical support/resistance level
- Wave 2 to retrace to the 38.2% Fib, also a historical support/resistance level
- Wave 3 to extend to 50% Fib, also a historical support/resistance level, testing and breaking through the red trend line
- Wave 4 to retrace to find support on the red trend line , back to historical support/resistance level
- Wave 5 to end at the 61.8 Fib level, also another historical support/resistance level

• Notes:
- Fib levels are based on swing high @ c.20,000 and swing low at @ c.6,000
- Dotted red trend line starts @ c.20,000 swing high and touches again @ c.17,250
- Thick black lines show historical key support / resistance levels

• Plan to buy and sell into Tether to take profits going up the Elliot wave:
- Enter: 10,474
- Target 1 (sell): 11,764 (+12% profit)
- Target 2 (buy): 11,197 (+4% profit)
- Target 3 (sell): 12,875 (+15% profit)
- Target 4 (buy): 12,276 (+4% profit)
- Target 5 (sell): 14,473 (+18% profit)

• Total profit potential 53% or 64% with effect of compounding (in reality this will be lower depending on confirmation risk appetite / ability to execute trades at swing highs and lows)

Please note this my opinion and should not be taken as investment advice.
Nice post, thank you
+1 Reply
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