I'd shorted bitcoin and then a couple hours later it made a big drop. My target was 30K but the current low is about 47K. A crash in BTC would probably be an early warning of weakening broad markets. : BeatTheBear (reddit.com)
This move has been surprisingly fast. Went down to nearly exactly 38.2 of the last big upswing and then started to make a rapid correction off of that.
And this has happened off of a surprise news event. https://dailyhodl.com/2021/04/17/bitcoin-and-crypto-markets-plummet-as-u-s-treasury-rumor-spreads/
These are common conditions for the false breakout move in Elliot wave 4. And this would imply we are entering into a 5th wave and we'll see a parabolic move upwards spiking out the last high and extending 161 of the fall. I am exiting my shorts at 56,250.
- I am buying at current price of 56,250 with stops under recent lows at 55,640.
- I am setting limit orders to buy at 53,2300. The stop loss on these is 44,869 and the target for the trade will be 75,679.
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