This is the Elliott Wave count that I'm trading on Bitcoin. After successfully trading the 5 waves up, Bitcoin saw its correction down to the bullish support of the 0.328, which from a smaller time frame for me was the Y wave coming down after seeing a flat ABC, followed by the X failed impulse. This Y corrective wave hit the 0.382 Fibonacci retracement to the dollar, which was amazing to give off a perfect risk to reward ratio long from the Fibonacci level; from the whole move up Fibonacci targets and retracements have been a joy to trade from, hitting the targets every time.
Now we have two scenarios. Firstly we get the extended WXYXZ corrective pattern (a triple wave combo) as shown on that chart, or we break $4174 resistance and get one more leg up. I have limit orders placed should resistance break for a long scalp, but for my overall positions I have orders set aside for hitting the above two targets where I will be adding to my laddered short positions (4266 and $4400). Overall the volume this weekend has been very low, and I hope it will pick up for the weekly candle close tonight where I will be scalping the low time frames with the increased volatility, $3955 is short term support after seeing a triple bottom on the 1hr timeframe, and this is a level I will factor into my trades moving forward. Secondly resistance holds and we form our extended correction where will be looking for the Z coming down to just below the 0.382 moving down to the 0.5 should support break. The second X wave that we are seeing now can move up to $4174 but no higher or we will break up in my opinion as a lot of orders are placed there. I will be scalping this move either way, but for total transparency my count favours the WXYXZ I will not complain though should we move up to fill my higher ladders shorts. My expertise is as a scalper but wanted to post a larger picture for Trading View.
Short term i remain neutral. Mid term bearish. Long term bullish.
Hope you have enjoyed my view and how I'm trading Bitcoin, and if you would like to discuss my count just drop a comment.
Have a great Christmas everyone (will we see a low volume move on the day?!)!!
Thank you,
Daniel
Now we have two scenarios. Firstly we get the extended WXYXZ corrective pattern (a triple wave combo) as shown on that chart, or we break $4174 resistance and get one more leg up. I have limit orders placed should resistance break for a long scalp, but for my overall positions I have orders set aside for hitting the above two targets where I will be adding to my laddered short positions (4266 and $4400). Overall the volume this weekend has been very low, and I hope it will pick up for the weekly candle close tonight where I will be scalping the low time frames with the increased volatility, $3955 is short term support after seeing a triple bottom on the 1hr timeframe, and this is a level I will factor into my trades moving forward. Secondly resistance holds and we form our extended correction where will be looking for the Z coming down to just below the 0.382 moving down to the 0.5 should support break. The second X wave that we are seeing now can move up to $4174 but no higher or we will break up in my opinion as a lot of orders are placed there. I will be scalping this move either way, but for total transparency my count favours the WXYXZ I will not complain though should we move up to fill my higher ladders shorts. My expertise is as a scalper but wanted to post a larger picture for Trading View.
Short term i remain neutral. Mid term bearish. Long term bullish.
Hope you have enjoyed my view and how I'm trading Bitcoin, and if you would like to discuss my count just drop a comment.
Have a great Christmas everyone (will we see a low volume move on the day?!)!!
Thank you,
Daniel
As mentioned in my above post a break of $4174 would be the sign to open a long position for the next Wave up. In the end it was a WXY and then break upwards which i covered in detail that was my alternative count.
Have a brilliant Christmas everyone, happy trading!!