short term sell on bitcoin

6 oct. 2017

Now it really seems to have completed the first leg, because the leg itself consists out of 3 waves now (blue lines) and it seems to be going down quite fast.

I got in too early (stupid mistake, should have waited for the 2nd push up), but I can probably still make a nice profit if it goes down a bit more.

My target is around 4340, if it bounces before it reaches 4340, it could mean that the first leg is not over and it consists out of a 5 wave pattern instead of 3 and it could go to point 2.1

If it goes up more again I will accept my defeat and just close the position. Sometimes when you're wrong, don't try to make it right, just close the position and wait for the next opportunity. I personally think the elliott wave pattern in bitcoin will continue as the price is purely driven by trader's sentiment at the moment.

6 oct. 2017

Note

4360 now, so intial thought process was correct. Coming hours will be the moment of truth to see if it bounces to go higher and continue wave 1, or if it goes into correction mode and completes wave 2.

6 oct. 2017

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well it did touch the 0.236 line, but bounced right back up...

6 oct. 2017

Note

tiny update for coming hours based on 15 min chart

tradingview.com/chart/eKbgHAzq/

6 oct. 2017

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6 oct. 2017

Note

THE DAY IS SAVED! haha

was a close call though, but closed most of the short position and have a stop loss under my short entry to realise a profit either way