First of all I wanna tell you that dump is not over. But I have also a good news. We will not see significantly lower prices than we saw yesterday. I tried to understand how this impulsive wave is forming and today I finally wanna show you the sub waves structure. Let’s go.
Let’s take a look at the 1h time frame BTCUSDT perpetual contract of the WhiteBit exchange. Here is the clear Elliott waves structure according to the trading chaos approach. Wave 1 started this crash. Wave 2 retraced to 0.61 Fibonacci level. Wave 3 was the most impulsive one. It have almost reached the 2.61 Fibonacci extension level and now Bitcoin is finishing the wave 4. It has the target $18200, but could be shorter. Wave 3 corresponds to extremal Awesome Oscillator. Wave 4 min condition have already been completed – AO crossed zero line.
Wave 5 target is approximately located at $15000 – there I am going to enter the positions with 60% of deposit. I have already bought a little bit yesterday at $15800 and today temporarily closed these positions. Good CPI data pushed the price higher, but data cannot change trend, remember it.