Hello, everyone!
In my last Bitcoin analysis I told you that the rally in the corrective wave C have been finished and I opened short at $17100. But I have correctly defined only the wave 5 inside wave 3, but not the wave 5 of the entire Elliott wave cycle. I fixed this mistake and closed short trade because expect another one push to the upside.
Let’s take a look at the 1h time frame of the BTCUSDT chart of the WhiteBit exchange. The point where I have opened short was the wave 3 top and I was lucky to notice that when my position was in small profit to close it. I always make this mistake with the corrective wave 4. Usually I think that it should be shorter in terms of time that it is.
The target area of the the wave 4 have been already reached an I decided to open long trade for the potential wave 5. Wave 5 have two possible targets – the minimal one is $17400 and the maximal is $17800. I will observe the market to close this trade in time. The strong confirmation for the end of this rally will be the divergence with Awesome oscillator.
Best regards, Ivan
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