Today I am going to show you very interesting short trade setup becuase as I said in my previous analysis the dump is not over. Let’s go!
Let’s take a look at the 1h time frame of the BTCUSDT chart of the WhiteBit exchange. At $15500 the wave 3 have been ended and after the market showed us the wave 4 which was represented as the zigzag correction. Now Bitcoin is showing us the wave 5. I suppose that wave 1 have been already ended and wave 2 also is about to it’s end. Wave 2 looks like the triangle correction which have reached it’s original target at 0.38 Fibonacci retracement.
I decided to open short trade with the target approximately at $14500 – 1.61 Fibonacci extension level. This is the anticipated target for the local wave 3.
Best regards, Ivan
Trade closed: stop reached
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Decided to close the trade in zero-loss. The another wave formation is about to happen. Will explain later.