Ian_Carsen
@t_Ian_Carsen
What symbols does the trader recommend buying?
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Ian_Carsen
I Think the likelihood that we may have finished moving down on bitcoin is over, however, even if that is not the case, This may be a nice trade!
Ian_Carsen
Indicated are the supports I’m watching. If price goes below the ‘invalidation leg’ I consider the btc bull market to be over.
Ian_Carsen
Ian_Carsen
My previous hypothesis of a sharp correction (scenario 3) looks to be incorrect. I believe the most likely corrective structure is a contracting triangle at this point (scenario 1), and the last leg should be bought for new ATH, however, it is also possible we had the last major low for this correction and new ATH are imminent (scenario 2)—which will be on the table if the indicated line gets taken out. In any case, new ATH should occur shortly!
Ian_Carsen
Currently looking for something like the following, Take out the stops, and hold the the range below Before new all-time high
Ian_Carsen
I believe bitcoin is eventually making a new local lower low, however, that it will likely bounce off the indicated range first, moving up in a three wave move before continuing lower. Well, the target may need to be adjusted, the indicated trade is attempting to take advantage of this Analysis.
Ian_Carsen
Bitcoin most likely to continue higher from one of the indicated ranges. It may be best to split a trade 1/2 entry on one and 1/2 entry on other with stop below the second, or 2 trades with 1/2 normal risk.
Ian_Carsen
Bitcoin has risen significantly, if it retraces some it will likely stop at the indicated range. Target will need to be selected after the entry based on the development of the chart.
Ian_Carsen
Possible Elliott wave triangle suggests a new local high in the near future giving a trade opportunity at the untested range. Target may be adjusted--that provided is conservative.
Ian_Carsen
I expect a short move up followed by a bigger retracement. While I’d try a long at the lower indicated range, a move further, below it, is certainly possible.
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