Bitcoin, 10 Nov. Elliott Waves | Gann Levels | Geometry

Bitcoin moved higher as expected and is consolidating on Gann level 66127.

Elliott:
We can count wave 4 (blue minuscule) of larger wave iii (in green).

Gann:
Support: 66127 and 62124
Resistance: 74509

Correlations:
BTC has not correlated much with anything in the past months but yesterday we could see stronger correlation with QQQ. Should Nasdaq further decline with momentum, this could be a risk for our bullish bias.

How I trade it:
In my last analysis I wrote “Ideally I’d like to see support on 66127 Gann level to add to the long exposure.” This is now happening and the blue box (.235-.382 Fib Retracement) is the place where we would look for a wave 4 to bounce, according to Elliott rules.
This area gives us a good risk/reward ratio in case we are wrong.

_______


In my analyses I combine Elliott waves and Gann theory to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand, and to sell options when markets range and volatility contracts.

BTO = buy to open
STC = sell to close
STO = sell to open
BTC = buy to close
TD = Theta Decay (for example a strangle or iron condor)

The views and ideas expressed in this analysis are that of the maker, they are provided as educational information and do not constitute financial or trading advice.