As you know I am in short position and I am sure that the new impulsive wave to the downside has been already started, but local picture told us that we can catch the pretty nice scalp long trade.
Let’s take a look at the 1h timeframe of the BTCUSDT chart of the WhiteBit exchange. I decided to consider the waves 1 and 2 as it is shown of the chart. In this case the wave 3 reached exactly 1.61 Fibonacci retracement level – the natural target. Awesome oscillator minimum value also confirmed my idea that wave 3 has been finished. Oscillator has also crossed the zero line which is the minimal requirement for the wave 4 end. It means the we have to catch the wave 5 bottom to trade the potential bounce.
Let’s wait for the divergence and the bullish reversal bar to enter the long trade. Watch out my updates I will tell you when I am going to execute this trade.
Best regards, Ivan
Trade active
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The divergence is about to happen, wave 5 will be ended soon:
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Internal wave structure shows us that the wave 5 has not been finished: