BTCUSD
Bitcoin rose in a 5-wave sequence since mid-March to mid-August, as seen in the chart, a move that I will call, Intermediate Wave 1, in Elliott Wave Terms. And now it seems like intermediate Wave 2 is underway. The pattern that it seems to be forming is an ABC Zigzag, elliottwave-forecast...elliott-wave-theory/ , of which we already seen Minor Wave A, and now it appears like we are still forming Minor Wave B.
Minor Wave B seem to be a Symmetrical Triangle Pattern, elliottwave-forecast...elliott-wave-theory/ , of which we might still be missing one last wave up to about $10,800 USD or so, before Minor Wave C could start.
Minor Wave C should take us below Minor Wave A, a possible target is the $9,200 USD, which also coincides with the 38.2% Fibonacci Retracement, a level where we also see a lot of volume according to the Volume Profile Analysis.
The trade will be to get in short once the triangle breaks to the downside, so we could put a Sell Stop Market Order with a Trigger at $10,350 USD, and a Stop at $11,000 USD. The target will be $9,200 USD. Risk-Reward Ratio 1.77 to 1, not great but O.K. I guess.
I hope you find this interesting and good luck to you.