BTCUSDT - Key support at 2600 has broken

BTCUSDT
The key support has broken further confirming the view that wave (5) rally was indeed complete. The correction can develop a complex pattern which needs to be assessed from time to time but at the moment looks like it's early stage of a bear. As per the Elliot Wave guidelines, the gains in wave 5 get washed out in three wave correction (ABC) hence the usual target of the correction is prior wave (4) which is around the level of 1870. Before that, I would like to see it if the market breakthrough to 2391 level which is the top of Wave (i) of bigger wave 5. This is also a key level to watch as Wave (iv) cannot retrace up to level (i) as per the guidelines. It will be a further confirmation that the recent 5 wave rally in bigger wave (5) had ended.

Trade closed: stop reached