Bitcoin – bullish rally will continue!

Hello, everyone!

In my last Bitcoin analysis I told you that the rally in the corrective wave C have been finished and I opened short at $17100. But I have correctly defined only the wave 5 inside wave 3, but not the wave 5 of the entire Elliott wave cycle. I fixed this mistake and closed short trade because expect another one push to the upside.

Let's take a look at the 1h time frame of the BTCUSDT chart of the WhiteBit exchange. The point where I have opened short was the wave 3 top and I was lucky to notice that when my position was in small profit to close it. I always make this mistake with the corrective wave 4. Usually I think that it should be shorter in terms of time that it is.

The target area of the the wave 4 have been already reached an I decided to open long trade for the potential wave 5. Wave 5 have two possible targets - the minimal one is $17400 and the maximal is $17800. I will observe the market to close this trade in time. The strong confirmation for the end of this rally will be the divergence with Awesome oscillator.

Best regards, Ivan

Ordre annulé:

Closed in a small profit. Need more candles to understand the market structure

Transaction en cours:

Fractal is broken to the upside the trade is actual again

Trade fermée: cible de profit atteinte:

The minimal target have been reached for the wave 5. I can switched to short because have proofs that bullish rally is ended. Will make an analysis today, but later.