Bitcoin

[SunTrader]

He has a valid point that its is more of a short now than it has been since March...that would have been foolish. The extension says we will have a pullback to about 39k but after that its lights out to ATH's.

We will huh?

 

[destriero]

Hey D I need your expertise.

On low liquidity short vertical with a large spread, can the bid/ask get skewed so much that if you are forced to close the position early due to it being ITM to avoid assignment, that you could pay more than the defined risk set out at the opening?

10 calls @ .71 = $710/$290 --->Maximum loss from $1 wide spread = $1000-$710=$290

I've seen spreads trade above strike spread but no dealer would force you out.

 

[Tokenz]

He has a valid point that it is more of a short now than it has been since March...that would have been foolish...but it is more of a pullback play. You may get one last crack at this under 40k and then its off to the races.

You think it's really worth putting your money at risk for a little 1 or 2 %?? Then if it doesn't go down you have sold while everyone else is riding to the moon.

 

[SunTrader]

46700-47000 area looks like it might find some resistance:

 

[wxytrader]

We will huh?

46700-47000 area looks like it might find some resistance:

 

[tomas262]

it got confirmed again, when nobody wants it, it is usually best time to buy

 

[SunTrader]

View attachment 329159

View attachment 329160

How helpful charts without comments.

 

[wxytrader]

How helpful charts without comments.

First chart is Elliott Wave which has been forecasting this move since last year. Second chart is a simple measured move with rsi divergence...I don't put too much weight on rsi divergence alone as it can continue to diverge for another leg up, but with the measured move, and the 3 and 5 wave fibs it looks like its getting close to completing the extension at about 46k...which your chart pointed out as well...so just kind of adding more context.

P.S there is a chance of a double ABC correction, so that could bring us back into the low 30's again. However I have a tested method that will reveal if this is going to happen. If I take a long position at C on the first ABC correction, the double correction will happen, if I am waiting for the the double correction for lower prices it won't happen.

 

[Tokenz]

P.S there is a chance of a double ABC correction, so that could bring us back into the low 30's again.

Nonsense, this market is way too bullish to even go near those levels.

 

[wxytrader]

Nonsense, this market is way too bullish to even go near those levels

? Like the last time it reached these levels on the way to ath's and it did exactly that? This is all just statistically based...it is essentially what the Renaissance fund used. EW just saves yourself the trouble of looking for patterns in history...I didn't need to find this pattern to confirm my bias as it was already in the numbers.