Hello, everyone!

As you know I wanted to catch the bottom of the local wave 5 on the Bitcoin, but this wave as I can see was shorter than I suppose. Now it's obviously that the market started the upside correction to $18k and we have to find the low risk long trade now.

Let's take a look at the 1h time frame of the BTCUSDT chart of the WhiteBit exchange. The price have already finished it's wave 3 of any order, it does not matter now for us. We can conclude it because of internal waves structure. Sub wave 5 made just a squeeze below the sub wave 3 bottom and the Bitcoin broke all local critical levels to continue this wave 5 to the downside. Consequently, market started the corrective wave 4 of the higher order to the upside. I consider ABC zigzag. Wave A has been already finished. Now it is time for the wave B. It usually retraces to 0.5 Fibonacci level, approximately $16200. There I plan to open long position with the target at 0.5 Fibonacci level for the higher order impulse wave.

After reaching $18k I expect the new and last crash in this bear market to fulfill my bag with the Bitcoin and different altcoins.

Best regards, Ivan

Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!