As you know I am waiting for the final dump to $16k, but before I expected the local bounce. Today I can see that the Bitcoin even weaker than I supposed. It looks like that the final dump have been already started.
Let’s take a look at the 1h timeframe BTCUSDT chart of the Whitebit exchange. After breaking down the Fibonacci gloden pocket I expected the bull trap creation with the pump to the 0.5 Fibonacci ($20600). It would be logically to see because there are a lot of liquidity of the short traders, but the price was even unable to break through the 0.61 Fibonacci. Thus we received the valid retest of the broken Fibonacci golden pocket. Now I think the Bitcoin is forming the final dump below $17500.
The confirmation of the final dump will be the breakdown of the trendline and the demand zone, but now I am almost sure that this break down will be.
Best regards, Ivan
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