Bitcoin – be careful with this pump!

28.02.2022 8:04 pm

Hello, everyone!

5 days ago I missed the long trade at $35500 because of emotions (you know why I was nervous) and today the price reached the first target of those potential trade (+15%, which is +4% to deposit according to my RM and MM). It is offensively but this is not the biggest injustice(you know what I mean). I tried to catch the correction to 0.618 Fib but it was to 0.5 Fib. OK, I am reversal trader, not the trend continuation trader.

According to my risk management system it’s too risky to buy BTC right now. Moreover I suppose that the current pump is not going to exceed the previous local high at $45000. I drew the Elliott waves structure and found that there were 5 waves to the downside and now we are seeing the A-B-C correction. Globally the Bitcoin is in the 4-th wave of the bear market, as a result I anticipate the 5-th wave which will break the $30000 to the downside. The first target is almost reached – Zone 27 Fib extension. It can be the final point before dump, or this wave could be extended to $44000. When I will see bearish signal I will tell you, It will be the nice short trade opportunity.

Good luck!

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