Hello, everyone!
It’s time to refresh the Bitcoin analysis. BTC stacked it the annoying flat. This is the corrective wave and I think it’s has not been finished yet.
Let’s take a look at the 4h time frame BTCUSDT chart of the WhiteBit exchange. The first downward impulse consists of clear 5 wave cycle. Now there is a corrective wave 2 which is going to be represented as a zigzag ABC. I consider that wave C has been already started and we are going to see the 5 waves cycle inside this wave.
Here we have 2 targets. The conservative one is $17200. The imbalance candle was formed in the impulsive downward wave and usually such imbalances should be filled at least for 50%. The optimistic target is $17500 because the Fibonacci retracement 0.61 level is here. Also this target coincides with the start of the imbalance. I am holding ADA for the potential bounce, but wanna warn you that I am not good in corrections defining. If you are not sure it’s better to skip trades in corrective wave and wait for the insane short.
I am going to count waves inside wave C and open short the the reversal bar in wave 5. Let’s see what will happen.
Best regards, Ivan!
________________________________________________________________________________________________
If you like my trade ideas, please smash the boost button to stimulate me make more quality analytics!
It’s time to refresh the Bitcoin analysis. BTC stacked it the annoying flat. This is the corrective wave and I think it’s has not been finished yet.
Let’s take a look at the 4h time frame BTCUSDT chart of the WhiteBit exchange. The first downward impulse consists of clear 5 wave cycle. Now there is a corrective wave 2 which is going to be represented as a zigzag ABC. I consider that wave C has been already started and we are going to see the 5 waves cycle inside this wave.
Here we have 2 targets. The conservative one is $17200. The imbalance candle was formed in the impulsive downward wave and usually such imbalances should be filled at least for 50%. The optimistic target is $17500 because the Fibonacci retracement 0.61 level is here. Also this target coincides with the start of the imbalance. I am holding ADA for the potential bounce, but wanna warn you that I am not good in corrections defining. If you are not sure it’s better to skip trades in corrective wave and wait for the insane short.
I am going to count waves inside wave C and open short the the reversal bar in wave 5. Let’s see what will happen.
Best regards, Ivan!
________________________________________________________________________________________________
If you like my trade ideas, please smash the boost button to stimulate me make more quality analytics!
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