Bitcoin is hot as hell!

Hi all!

Last time I told you that the “triangle” that many traders mentioned in their analytics is precisely wave 4, which is represented as an ABCDE correction. I marked the end point of wave E on the chart. It was only a matter of time before the next dump.

The current dump is wave 5, and I’m guessing sub-wave 3 of this wave has just ended. I calculated this because the price reached the maximum target for wave 3, if we take into account the structure of waves 1 and 2. 2.61 Fibonacci Extension – maximum target zone.

Now I expect a corrective wave 4 to $16,200. This is the target zone also due to the 0.5 Fibonacci level and the top of wave 4 of the lower order. I closed my short position at $15,750 and will re-enter at $16,200. After reaching this goal, we can expect a wave from 5 to $15k, and there we can buy Bitcoin on spot for a potential rebound. I will talk about the targets for this rebound in my next analysis when Bitcoin reaches this point.

Best regards, Ivan