Last time I told you that we can wait for the another one leg down as a wave 5 and zigzag ABC. After that we saw exactly this price movement and yesterday I temporarily closed my short at $16640, I plan to re-enter higher.
The considered Elliott wave formation I drew on the price chart and I am 99% sure the 5 wave cycle was correct, I told about it in my previous analysis. After that the BTCUSDT printed the wave A and yesterday before I went to sleep I saw that the price reached 0.61 Fibonacci retracement of the wave A and showed the bullish reaction. I decided to not open long, but closed short. It was the wave B.
Now the Bitcoin is printing the wave C to complete the wave 2 of higher degree. The target for this wave is 0.5 Fibonacci of wave 1. I chose this Fibonacci level because the liquidity pool is located there. There was the imbalance candle, which usually should be tested before the downtrend continuation.
Best regards, Ivan
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Let's also take a look at the local time frame to understand the ABC correction structure.
Wave A has the abc sub structure, it means that wave C top will not be much higher than wave A top.
Wave B also has the abc structure, wave C is about to show us the entire 5 waves cycle. I will try to short the very top as usual.
@modernfarhad can you please explain your point of view?
modernfarhad
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@SkyrexTrading, Bitcoin is now forming a pattern in wave B !!! Name of pattern is “ irregular“ Good luck bro
Skyrex
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@modernfarhad, do you mean irregular type of correction. It's is possible for wave B but I can't see it here. Can you please share your chart? I am not so good in corrective waves charting
modernfarhad
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@SkyrexTrading, It cannot be sent here bro Plze send id telegram to share it
RLinda
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Great technical analysis, I think price will soon show who is right)) Thanks)
dinchun
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I hope it works, it looks legit
armiiiiinnnn
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great analysis,thank you for sharing, may you analysis ftm/usdt sir
Skyrex
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@armiiiiinnnn, Thanks! I looked at the FTM, I think I can be useful for you. The rude estimation is $0.08 could be the global bottom. Tomorrow will explain in article
No on wave C
Its mistaken