/biz/ - Business & Finance

I'm the futures trader based out of Chicago that was doing and AMA. Everyone was asking me to do a shitty technical analysis of bitcoin and I just posted it, but it's buried pretty deep. Thought I would just post this here.

Sorry for using TV, I'm doing this AMA on my macbook, which I don't have any trading software on so I'm not tempted to check on things.

Really the only thing I could think of drawing out given the parabolic rate.

Elliot wave patterns like this have variable rates of retrace, if I knew more about the underlying I would be better able to decide what those degrees might be... so it goes.

20,000 is a big resistance, perhaps entry could be 50 day moving average which is the top of wave one, a support (17k).

A lot of you are asking me if it can hit 25k, so you're all at least somewhat aware of the concept of a trading range. For example, it breaks 1k, then maybe it hits 10k? breaks 10k, maybe hits 20k?

Thought it was convenient that the next wave is 25k retrace to 22k, final target 28k, seems weird arbitrary to me as a trader, but whatever. If this were oil I would hope to see final target as something like $65 which is a level frequently mentioned in the news.

I didn't measure super precisely, could be off a bit.

This chart also implies to not get caught in the bull trap just above 25k, firms frequently send prices just above major supports so they can cause a short squeeze to give them enough shares to sell their position without losing too much in slippage.

>>5166248
>>5167334
>>5167475
>>5167662
>>5167820
>>5167900
>>5168057
>>5168121
>>5168334
>>5168456
>>5168569

Sorry for using TV, I'm doing this AMA on my macbook, which I don't have any trading software on so I'm not tempted to check on things.

Really the only thing I could think of drawing out given the parabolic rate.

Elliot wave patterns like this have variable rates of retrace, if I knew more about the underlying I would be better able to decide what those degrees might be... so it goes.

20,000 is a big resistance, perhaps entry could be 50 day moving average which is the top of wave one, a support (17k).

A lot of you are asking me if it can hit 25k, so you're all at least somewhat aware of the concept of a trading range. For example, it breaks 1k, then maybe it hits 10k? breaks 10k, maybe hits 20k?

Thought it was convenient that the next wave is 25k retrace to 22k, final target 28k, seems weird arbitrary to me as a trader, but whatever. If this were oil I would hope to see final target as something like $65 which is a level frequently mentioned in the news.

I didn't measure super precisely, could be off a bit.

This chart also implies to not get caught in the bull trap just above 25k, firms frequently send prices just above major supports so they can cause a short squeeze to give them enough shares to sell their position without losing too much in slippage.