Two more hours before the Okex whale drama finds a resolution. I had a buy order for my shorts on bitmex at 7287 but missed the low by 4 points. It was a good trade though. Now i wonder if the price shoots up once the issue is resolved.
From the elliot wave standpoint - and the reason why i put my order where i put it - wave 4 found its target and we can see wave 5 now with a target of around 9100 in the yellow box. Its just the cluster of the projections of wave 1 and wave 3 starting from the assumed low of wave 4 now at 7300 using Fibonacci ratios. That said, maybe no trade is also a trade. I'm flat for now. I have some extra orders around 6800 just in case i get the chance to pick up more.
In a way if this runup from 5700 is the beginning of a new bull market, we should still expect a almost complete retrace of the bigger wave I that still needs a completion with the mentioned wave 5 that is about to come. So the plan would be 9k, maybe 10k and then back to low 6ks before the short squeeze pulls us up to new heights. The reason is that this retrace is the typical behavior and we would have to bounce back and forth in a accumulation range for a while at least to give everyone a chance to get loaded.
This is my opinion and I am ready to change it at any time.
From the elliot wave standpoint - and the reason why i put my order where i put it - wave 4 found its target and we can see wave 5 now with a target of around 9100 in the yellow box. Its just the cluster of the projections of wave 1 and wave 3 starting from the assumed low of wave 4 now at 7300 using Fibonacci ratios. That said, maybe no trade is also a trade. I'm flat for now. I have some extra orders around 6800 just in case i get the chance to pick up more.
In a way if this runup from 5700 is the beginning of a new bull market, we should still expect a almost complete retrace of the bigger wave I that still needs a completion with the mentioned wave 5 that is about to come. So the plan would be 9k, maybe 10k and then back to low 6ks before the short squeeze pulls us up to new heights. The reason is that this retrace is the typical behavior and we would have to bounce back and forth in a accumulation range for a while at least to give everyone a chance to get loaded.
This is my opinion and I am ready to change it at any time.