- Wave 2 did not retrace more than 100% of Wave 1 - Wave 3 is not the shortest of the three waves - Wave 4 did not overlap Wave 1
I think shorting BTC would be a good choice here due to the fact that Elliot wave principle shows a downtrend, and additionally to the Gann Fan the trend failed to breakout of 2/1 multiple times. It's a bulls v. bears market right now, and bears are winning hard.
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Another idea is that wave (b) could take off due to the reversal trend off the RSI values prior and post the correction to $14500.
RSI previous was at around 25, and now it's at around a semi-healthy 42.
Something to think about.
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We are seeing expected gains for the formation of the right shoulder
Everything looking good so far!
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Looking like the next correction is imminent.
Many have been caught by the bull trap, and they will be heavy in the red in the near future.
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At the time of this post, BTC is now at 13600.
Started short position at 14800, stopped position at 13600. (-8.1%)
Beautiful correction. I think we could go way lower but I'm going to take my profits now as I'm satisfied with the return.
@Potatohead, Honestly, I think this can be quite possible if wave (b) doesn't take off. Wave (b) is our current only shot at a trend reversal off of the oversold BTC trend prior to the $14500 correction.