Bitcoin – bears dominate below this level

Hello, everyone!

My last call was quite accurate, after trendline resistance Bitcoin has started it’s dump, but today it faced with difficulties to break down the strong support. Today I defined the invalidation price level and first target if I am correct.

Let’s take a look at the 1h time frame BTCUSDT chart of the WhiteBit exchange. Bitcoin has finished the upward Elliott waves cycle at $17300 where I opened short. This cycle represented wave C of higher degree. Hence I considered that the market is about start new impulsive wave to the downside. Now I suppose that wave 1 have been already ended, wave 2 was represented as the flat correction which hit exactly 0.38 Fibonacci level and dumped to $16700. I think it is the wave 1 inside wave 3. Current bounce is the wave 2 inside wave 3. The most rapid dump is about to start if I am correct.

If you have not still executed short trade, I think is is proper time to do it. Stop loss is tight. Potential reward is great. If I will be wrong it means that Bitcoin will break the $17400 local high and I am not so good as I think about myself and will continue studying trading chaos (of course I will continue anyway).

Best regards, Ivan

Trade closed: stop reached:

Stop reached. Short which I opened at $17300 is still actual, but yesterday's entry was unsuccessful. Just observe the market