Bitcoin is following my plan!
Updated
Hello, everyone!
Last time I told you that we can wait for the another one leg down as a wave 5 and zigzag ABC. After that we saw exactly this price movement and yesterday I temporarily closed my short at $16640, I plan to re-enter higher.
The considered Elliott wave formation I drew on the price chart and I am 99% sure the 5 wave cycle was correct, I told about it in my previous analysis. After that the BTCUSDT printed the wave A and yesterday before I went to sleep I saw that the price reached 0.61 Fibonacci retracement of the wave A and showed the bullish reaction. I decided to not open long, but closed short. It was the wave B.
Now the Bitcoin is printing the wave C to complete the wave 2 of higher degree. The target for this wave is 0.5 Fibonacci of wave 1. I chose this Fibonacci level because the liquidity pool is located there. There was the imbalance candle, which usually should be tested before the downtrend continuation.
Best regards, Ivan
Last time I told you that we can wait for the another one leg down as a wave 5 and zigzag ABC. After that we saw exactly this price movement and yesterday I temporarily closed my short at $16640, I plan to re-enter higher.
The considered Elliott wave formation I drew on the price chart and I am 99% sure the 5 wave cycle was correct, I told about it in my previous analysis. After that the BTCUSDT printed the wave A and yesterday before I went to sleep I saw that the price reached 0.61 Fibonacci retracement of the wave A and showed the bullish reaction. I decided to not open long, but closed short. It was the wave B.
Now the Bitcoin is printing the wave C to complete the wave 2 of higher degree. The target for this wave is 0.5 Fibonacci of wave 1. I chose this Fibonacci level because the liquidity pool is located there. There was the imbalance candle, which usually should be tested before the downtrend continuation.
Best regards, Ivan
Note
Let's also take a look at the local time frame to understand the ABC correction structure. Wave A has the abc sub structure, it means that wave C top will not be much higher than wave A top.
Wave B also has the abc structure, wave C is about to show us the entire 5 waves cycle. I will try to short the very top as usual.
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