BITCOIN - Pump De Loop 😵 Continuation from the previous thread that was getting a bit long and there's plenty to talk about... So yesterday was interesting towards the end of the day following the FOMC rate hike. And there's more to come - GDP and Job data so its very difficult to know how markets will react but what is fairly high probability is there will be some whipsaw. Yesterday Nasdaq moved up more than 4% and half of that was post FOMC meeting. Its rare for this to happen in a day and its possible the index rocket-ship has arrived but I would suggest the odds favour a pull back and with more events coming up this week the whipsaw is likely to be to the downside. It may not be - we'll see. But BTC pump yesterday was very much in tandem with indexes. Overnight BTC has tagged the upper trendline of this ascending channel yet again which brings the number of waves to 7. Ok so whats going on here 🤔? Well considering elliott wave this can make some confusion - something BTC is very good at. Typically channelling corrective structures have 5 waves and of course waves within waves but now here we have 7 and the previous up wave escaped the channel. Firstly BTC could just be doing something very exotic and will leave all manual traders confused. However this previous high currently labelled E looks like a top simply because to broke a typically bearish structure to the upside. And so although quite impulsive I think that the recent pump may well prove to be a regressive wave that will at some point see BTC move down and finally break this ascending channel to the downside and hitting the orange band that is my target area for phase 2 buys. It may not get there and I may get left behind for re-entering but if you dont have patience then you dont get the deep buys. And for those of you following my previous thread you'll know that I sold some of my crypto related stocks yesterday and even entered a small short position (that i may regret 😄) against BITO ( BTC ETF ). And just to go off on a slight tangent here but; some of the crypto stock / ETF positions I've had have been short puts. And the advantage with these without going into too much detail as it would be very long - is that I sell the ticket to the trade (the premium) to a put buyer who wants price to go down and if i'm right I win the premium. By being the seller I am short the put and therefore it is a bullish position. The amount I can win is capped to the cost of the premium and so when I have won maybe 80% and I think a top may be coming - there is no point to hold the position because I can only make another 20% but I have that 80% to lose. And so shorting puts (being the seller of the ticket) you are looking for a rinse and repeat cycle. The advantage of such a trade is that lets say I buy MARA at $7 for $4.5 per share then if it goes wrong then at expiry i'll own MARA for $7 - $4.5 = $2.5 under the current market bottom which was $5.2. So having confidence that BTC will go up this was a way to have more exposure but less risk. And now i've sold them I will be looking to hopefully short more puts at a lower price. If it doesn't work out for me its fine I can short more puts anytime and the premium will be back at 0%. Nasdaq futures are down 1% already today. I will get my orange band 😁. Not advice.Comment: Forgot to add that BTC fell out of this smaller descending channel - printed a shakeout reversal pattern through the larger ascending channel low before rocket back up to break the descending channel to the upside. And so BTC has now fulfilled the expectation for a descending channel, and although there was some considerable downside shenanigans - it eventually broke to the upside. Now I expect the same thing to happen but in reverse for this ascending channel. It broke to the upside to print a shakeout reversal and now its going on a journey to break the lower trendline to the downside.