Bitcoin Update

We went long BTC/USD back at 8819 on May 2nd and are up now over 100% on this trade. While I have no plans to exit the trade, I do expect to see what might be the last great buying opportunity for some to time in the coming weeks. My wave count for Bitcoin is that it has entered the most impulsive of all set ups – minor wave 3 of intermediate wave (3) of primary wave [3]. I’ve been expecting minute wave [i] of 3 to test the previous all time high for bitcoin, see white horizontal line. As you can see, that level is well within reach. I don’t expect its initial test to be successful however and it should provide the resistance needed to initiate a minute wave [ii] pullback. If I’m correct, and it plays out as I suspect, then the Portfolio will add double its bitcoin holding. The yellow ellipse is my target buying zone. That zone also corresponds to a retest of the broken neckline of the confirmed cup and handle pattern that measures to ~24,000 BTC/USD. Once minute wave [ii] is in place, then buckle up for [iii] of 3 of (3) of [3] it should be a hell of a ride for longs.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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