Over the last year, I have been introduced to Elliott Wave Theory and have learned to use it in trading cryptos. More recently, I have looked into the more specific "Fibonacci Pinball" method described by Avi Gilburt's group. I have never subscribed to any of their services, but they have an Education section of their website, which includes an introduction to their Fibonacci Pinball method as well as a more detailed presentation on the topic.
I have decided to practice their method and use this blog to document my analysis for my own purposes.
I am not a financial advisor. Do not consider this to be financial advice. I am posting it here for my own practice and future review only.
So a few days ago, I was looking at BTS. The 4h chart showed it could be starting wave i of (iii). BTS had been rejected by long term resistance, and declined in a channel, breaking long term support. However, it had broken through three successive resistances while putting in wave circled 3 of i:
The Fibonacci Pinball method suggests that the ideal time to enter a trade is after waves 1 and 2 have completed, because it allows you to project the subsequent subwaves of 3, followed by 4 and 5. This is what I did July 4:
By July 9th, BTS had hit my circled wave 3 and 4 targets almost perfectly. Although it has now likely completed circled wave 5, without reaching my target on this tradingview calculated USD chart, I was able to capture that level (high of 0.1939) on the BTS dex. (Targets are highlighted on the right of the image).
So where does BTS go next? Well, the 50% retracement of the whole wave i coincides very nicely with long term support, so that is my ideal target at 0.1513, but anywhere in the 0.142-0.16 range will do.
I hope this has entertained, and please comment below. I plan on presenting similar analyses as time permits!
