I'm a fan of bts but looks like the last Elliot Wave was a DUD and it confirmed that we're in mostly in the CORRECTION of a bearish market and NOT IN A BULL MARKET.
There is another 5 wave downward correction in wave C The chart looks like Elliot Wave zigzag correction pattern: 5-3-5 correction
Stop loss: a high upper of B ~ 4900 .
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Took some profits at 3300 ( trading poliniex)
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We may find some support in the 3300-3000 range as it is the level or the 4rth wave . Could be a good place, wait for a bounce and re-short it
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RSI divergence on the 15 min chart. Opened a long. tight stop, just in case there is another leg down
Trade ist aktiv
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New short opened:
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Trade going as planned.
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it was a pretty solid trade. wished i followed the plan and not buy and re-sell along the way
wow,amazing chart George, if you liked it at 66 you'll love it at 16, looking at the prospectus, dude i'm thinking its a huge buy down here. I know its a BEAR chart but the target is the low 20s, like Cramer says, BU'Y, BUY , BUY !!!!
mostly_george
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@TomPower, thanks! i was trading only BTS for about a week when i made it, and was checking elliot wave books for corrective waves patterns that matched. still, luck was a factor. Regarding the buy, i'm going to give it some more time and wait for a reversal candle signal.
I'd hate to have my founds stuck in a market that goes sideways.
mostly_george
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Closed longs, opend shorts, target 2500
Trizle
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why is your correction wave taking us back to the the beginning
mostly_george
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@Trizle, The pink C must fall bellow the Pink A , and wave C must be bigger than A
mostly_george
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@Trizle, it could be a little higher to not violate wave 2 rule
mostly_george
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looks like the support held. Buying longs , first target 3550
KurtDiesel
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Any updates
mostly_george
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@KurtDiesel, going to plan, on poloniex it went down to 3300