Hello, my friends!
Did you miss my analytical articles about Bitcoin? I skipped couple of days because on the weekend there were no any significant activity and only today we saw this small bounce after the previous red week. Despite most of people now again are full of optimizm, I still consider the bearish scenario.
Let’s take a look at the price chart, we have already seen the impulsive wave to the downside. I think it was just wave 1 inside the anticipated wave 3. Now we are in tricky wave 2. I can see that people are almost sure that further pump is guaranteed. This is the most common sentiment for wave 2 – disbelief, that trend has been changed. I think that wave 2 is gonna be the zigzag ABC correction. Of course it can have any shape, but anyway it shold ends next to 0.61 Fibonacci retracement zone. Therefore, the reversal target is located at $28000 – $28400.
My trading plan is following now. If I will see the bearish confirmed reversal bar at 4h with the great angulation with the Alligator I jump into short trade. If price will finally reach the $28400 I am going to searh for the divergence on the lower time frame to enter short trade before the most impulsive dump.
Best regards, Ivan