I believe we are now beginning the minor (c) wave of the intermediate 2 wave of the major C wave that commenced on 5/3/2018 at 11700$.
The intermediate 1 wave was completed on 18/3/2018 at 7250$. I expect the 2 wave to reach 9450$~10000$ (0.50~0.618 Fib rettracement of the 1 wave), with 9500$ level being more probable because of the descending major downtrend line (thick red).
That's where i 'm planning to place a short position, because i fear that's where the intermediate wave 3 could commence. Followed by waves 4 and 5 it could lead to an end of the C wave of the overall correction at the level of 4000$~5000$ (0.786~0.887 Fib rettracement of the 1000$ to 20000$ rally of 2017.
I really hope i 'm wrong and my short order gets stopped at 10000$.
Only time will show.
Comment:
Short position from $7650 was closed by stop loss at @6850.
The question now is if wave (i) of intermediate wave (3) was completed at $6600.
If BTC climbs above $7250 it should mean we are on wave (ii) and i plan to place a short position at $7650 with stop loss at $7850 and target around $6100.
If BTC falls below $6600 i will place a long position at $6100 with stop loss at $5800 and target the retracement to abaout $7650.
The question now is if wave (i) of intermediate wave (3) was completed at $6600.
If BTC climbs above $7250 it should mean we are on wave (ii) and i plan to place a short position at $7650 with stop loss at $7850 and target around $6100.
If BTC falls below $6600 i will place a long position at $6100 with stop loss at $5800 and target the retracement to abaout $7650.
First serious resistance ahead at 8300$ expected to reject price to lowers levels. Should it retrace to the vicinity of 7700$ would mean that wave (c) of the intermediate wave 1 correction was completed at 9050$ and we are already in minor wave (3) of intermediate wave.
In the case rejection at 8300$ occures leading below 7700$ i plan to place a short position with a stop loss at 8100&.