BTC Elliot price gain before fallback
During my trade experience, I becoming trade on higher timeframes.
I used to trade with 4H instead 1H. But now, I am standing with 8H instead of 4H.
The whole 2021 year is bullish with small fallbacks, instead of 2020. And it's a high-cost mistake for me.
Because all 2021 my favourite position was a Short.
So, where are
BTCUSDT.P
price is moving?
The overall view looks bullish. And it's safe to BUY and DCA in every price fallback opportunity.
On my trading idea, we are in 5th (last wave). It's better to stay away and BUY at the fallback.
But if you are like me, this is my idea:
I think wave 3 has finished because I can calculate all 5 sub-waves with extension.
Elliott rule - wave 3 can't be the smallest wave.
Elliott rule - Usually, impulse has just one extension.
In this case, the length of wave 3 is 15500.
Then wave 5 cant be higher then ( price when 4 starts + 15500 = 69300 )
It means, that from now until 69300 the price can start fallback to 50-55k
I used to trade with 4H instead 1H. But now, I am standing with 8H instead of 4H.
The whole 2021 year is bullish with small fallbacks, instead of 2020. And it's a high-cost mistake for me.
Because all 2021 my favourite position was a Short.
So, where are
BTCUSDT.P
price is moving? The overall view looks bullish. And it's safe to BUY and DCA in every price fallback opportunity.
On my trading idea, we are in 5th (last wave). It's better to stay away and BUY at the fallback.
But if you are like me, this is my idea:
I think wave 3 has finished because I can calculate all 5 sub-waves with extension.
Elliott rule - wave 3 can't be the smallest wave.
Elliott rule - Usually, impulse has just one extension.
In this case, the length of wave 3 is 15500.
Then wave 5 cant be higher then ( price when 4 starts + 15500 = 69300 )
It means, that from now until 69300 the price can start fallback to 50-55k
- I can try BUY from now with SL 49k
- Or I can SELL from now with SL 70k
- Or I can make a hedge