BTC Update: 9 May

Bitcoin is experiencing a selloff and that is what we expected in our bearish scenario. In this video I explain an idea to capture the move with an Iron Condor. We are able to set it up because implied volatility is highest in an Elliott wave 3 of 3. This strategy will benefit from an immediate bounce with a volatility crush, or an exhaustion of the selloff in the target zone, or a collapse with a rebound that ends in the target zone upon expiration.