Last time I told you that the “triangle” which a lot of traders mentioned it their analytics is just the wave 4 which is represented as the ABCDE correction. The end point of the wave E I marked on the chart. The following dump was just the question of the time.
Current dump is the wave 5 and I suppose that the sub wave 3 of this wave have just been finished. I considered this because the price have reached the maximum target for the wave 3 if we take into account waves 1 and 2 structure. 2.61 Fibonacci extension is the maximum target zone.
Now I expect the corrective wave 4 to the $16200. This is the target zone also because of Fibonacci 0.5 level and the wave 4 top of the lower order. I closed my short at $15750 and will re-enter it at $16200. After reaching this target we can expect the wave 5 to $15k and there we can buy Bitcoin on spot for the potential bounce. I will tell you about the targets for this bounce in my next analysis when Bitcoin come to this point.
Best regards, Ivan