Today I found that I made a mistake with the potential bottom forecast for the Bitcoin. I told you that $15-17k is sufficient drop to form the bottom, but the waves structure shows me that it could be lower.
Let’s take a look at the 1D timeframe of the BTCUSDT chart of the WhiteBit exchange. In trading chaos approach said that the waves number 3 usually reach the 1.61 Fibonacci extension level. We have already seen it in the wave 3 of the bear market.
Now the market is forming the wave 5 and waves 1 and 2 have been already ended. 1.61 Fibonacci level is located at $12500. I anticipate local pump to $20800, there I am going to close almost all my positions because I am sure that after that we are going to see the huge crash without any bounce to $12500. After that the local accumulation (waves 4 and 5) are anticipated and there will be the guaranteed bottom. Bull market will start next year. Sorry for my previous mistaken analysis, I was wrong only with the target and now it’s too early to buy even 33% of deposit.
Best regards, Ivan
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