I don't trade BTC so this is 10 mins of analysis for laughs.
Number of ways to play this;
1. Buy for the 5th wave target of $550 (4:1 reward risk)
2. Buy for the 3rd wave $510 target (2.9:1 reward risk) then short it for the 4th wave into $470 - $450 (2.8:1 reward risk) and then buy the completion of the 4th wave into the 5th
Below $435 negates. Would look to go 3x short and break even or some profit.
Number of ways to play this;
1. Buy for the 5th wave target of $550 (4:1 reward risk)
2. Buy for the 3rd wave $510 target (2.9:1 reward risk) then short it for the 4th wave into $470 - $450 (2.8:1 reward risk) and then buy the completion of the 4th wave into the 5th
Below $435 negates. Would look to go 3x short and break even or some profit.
Comment:
Countertrend 4th Wave short
Sold $529
TP1 $487
TP2 $470
Sold $529
TP1 $487
TP2 $470
Trade closed: target reached:
Trade closed on reversal
Short at 525 closed at 610 = -85$
3x reversal (long) at 560 closed at 610 = +150$
Net = +65$
Short at 525 closed at 610 = -85$
3x reversal (long) at 560 closed at 610 = +150$
Net = +65$
$540 becomes the high of the 3rd wave