Fare Thee Well Ten Thousand?
Should the Elliott Wave projection continue as anticipated, then there is a strong possibility that the high of 9990 (Bitfinex) set on 12-MAR-2018 is of quite significance in the following regard:
i. 9990 is just 46 points shy from 9946 which represents the 50% Fibonnaci retracement of the entire Bitcoin market. Either side of this key level currently defines 'bull vs bear' territory.
ii. Should 9990 present the top of a significant wave, it would suggest Bitcoin will now never revisit the psychological 10,000 level.
Hence, a short position is ordered at 9335 (±100 points); 9335 is halfway between the current wave from 9990 to 8770, details as follows:
BTC/USD (BITFINEX)
OPEN: 9335
CLOSE: 4257 (& open-ended, 1000 ?)*
STOP: 9990*
RISK: 6%
REWARD: 55%
*Short-term swing traders may elect to close the position, or partially, at 7600 which represents 61.8% Fibonacci retracement of the entire Bitcoin market.
*Personally, no stop is currently defined since pyramiding short positions from prior higher levels.
Stop-losses of currently active short positions now adjusted to 11700, i.e.
BTC/USD (BITFINEX)
OPEN: 11253
CLOSE: 4257 (& open-ended, 1000 ?)
STOP: 11700
RISK: 4.70%
REWARD: 62%
BTC/USD (BITFINEX)
OPEN: 10900
CLOSE: 4257 (& open-ended, 1000 ?)
STOP: 11700
RISK: 8.10%
REWARD: 60%
Elliott Wave speculative model, indicative of price and structure, not time:
Should the Elliott Wave projection continue as anticipated, then there is a strong possibility that the high of 9990 (Bitfinex) set on 12-MAR-2018 is of quite significance in the following regard:
i. 9990 is just 46 points shy from 9946 which represents the 50% Fibonnaci retracement of the entire Bitcoin market. Either side of this key level currently defines 'bull vs bear' territory.
ii. Should 9990 present the top of a significant wave, it would suggest Bitcoin will now never revisit the psychological 10,000 level.
Hence, a short position is ordered at 9335 (±100 points); 9335 is halfway between the current wave from 9990 to 8770, details as follows:
BTC/USD (BITFINEX)
OPEN: 9335
CLOSE: 4257 (& open-ended, 1000 ?)*
STOP: 9990*
RISK: 6%
REWARD: 55%
*Short-term swing traders may elect to close the position, or partially, at 7600 which represents 61.8% Fibonacci retracement of the entire Bitcoin market.
*Personally, no stop is currently defined since pyramiding short positions from prior higher levels.
Stop-losses of currently active short positions now adjusted to 11700, i.e.
BTC/USD (BITFINEX)
OPEN: 11253
CLOSE: 4257 (& open-ended, 1000 ?)
STOP: 11700
RISK: 4.70%
REWARD: 62%
BTC/USD (BITFINEX)
OPEN: 10900
CLOSE: 4257 (& open-ended, 1000 ?)
STOP: 11700
RISK: 8.10%
REWARD: 60%
Elliott Wave speculative model, indicative of price and structure, not time:
While I do agree with you on your bearish view, is it really fair to conclude bitcoin will never hit $10k again? I mean if bitcoin is a life long asset, what's to say that we may see that price 5, 10, or even 30 years from now? Yes short term I don't think we'll see such high prices. But nobody knows what the future holds for any asset.