Hello, everyone!
As I mentioned in my last BTCUSDT analysis, the dump was expected after triangle wave 4 forming. I told you that short trade is incoming in wave 5 after the first bearish reversal bar. I have opened short at the 4h bearish reversal bar confirmation. My entry point was $27200. Now I have stop loss at entry.
The current dump is not going to continue without the corrective wave. We can see that wave 3 has reached the 1.61 Fibonacci extension. Reactive wave 4 has not overlapped the wave 1 bottom. It can give me an evidence that my formation is valid. Now my purpose is to catch the wave’s 5 bottom to close short and open long for the potential correction. I am going to watch out the bullish reversal bur to do it.
Best regards, Ivan
