Bitcoin to test $8500 / $7850 at upcoming waves 3 and 5

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin looks like it's going short right now. Currently inside of an inverse flag aka Bear Flag . Likely to test the $8500 level at the upcoming wave 3, and followed by $7850 for wave 5. This is based on the waves following Fibonacci ratios of 1.0 and 1.618.

Be careful entering any long positions at the moment.

Take profit 1 - $8600
Take profit 2 - $7950

This is my first technical analysis . If it is helpful at all, or you have any feedback, please comment and LIKE.

Clearly, this is not financial advice or a signal to buy or sell.
Comment: I will update this analysis when I receive 50 LIKES. Thanks and good luck all!
Trade closed: target reached: Hey all, I would like give myself a big PAT ON THE BACK! First of all, since I’m new, maybe 50 likes was too much to ask. But you lovely people did give me 11 likes, so I will update now anyway :-D

My first TA seems successful, as we followed it to my chart almost exactly. After a slight move up to the $9300 level, we quickly dropped down and hit $8550, followed by a slight move up to the $8700 level.

As you can see on my chart, this is almost precisely what I projected.

If you entered a short position anywhere around $9200 or above, and took profits at my target of $8600, you would be sitting on a nice 4.5% profit.

We are currently in wave 4, it will hover here for a while then likely drop down further, unless something new happens. I will update again when I receive 20 likes.

Good Luck All!
Trade closed: target reached: Take profit 2 reached - $7950! That confirms wave 5.

If you followed my TA, you would have made around 10% profit in 1 day.

Please click FOLLOW to receive future updates. I will post another analysis soon.
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