Bitcoin - fake pump ahead!

Hello, everyone!

Last time I considered the ABC correction for the Bitcoin and thought that wave B is going to be represented as the triangle correction, but it looks like now that price decided to print the irregular correction. It's about to end, hence we have the nice long trade opportunity.

Let's take a look at the 1h time frame of the BTCUSDT chart of the WhiteBit exchange. If we look in detailes inside the wave B we can notice that it consists of ABC correction also. Wave A has abc 3 waves structure - it is the early sign of the irregular corretcion. In this case everything what we need is to count the 5 waves inside wave C and enter the position next to target zone.

Target zone have been reached - Fibonacci retracement 0.618, but we have to wait for another one leg down - wave 5. After that I anticipate the push to the $17800. Let's see!

Best regards, Ivan

Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!

Trade easy with Smart tools
Utilize AI-enhanced SmartBot for automated decisions and SmartTrade terminal for tailored manual trades, all in one integrated platform
Get started

Similar blog posts

Experience the next level of trading efficiency