As I told yesterday now the bounce is happening. Most of traders now think that current dump is the ordinary correction before the new push to the upside, as we saw 4 times before it, but all these correction looks like the ugly zigzag formations. Now the price is forming the downside impulse and now the Bitcoin is prepairing the trap for all bulls.
Let’s take a look at the 4h timeframe BTCUSDT chart of the WhiteBit exchange. First of all the price broke all key levels which have been protected the uptrend. I am talking about the 1D key fractal and true trendline which were mentioned in the previous analysis. Since we received the INSANE short setup at $24500 the price is forming the starting downside impulse because it is clearly consists of the 1-2-3-4-5 Elliott Waves formation. In my opinion now the wave 4 is happening. There is a high probability that this wave will not break through the 1D key fractal level and we will see the wave 5.
After finishing the wave 5 I expect the A-B-C correction and here we can see even a retest of the broken trendline before the final pull to the dowside to our bear market bottom tartget.
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