Last time I told you that we can wait for the another one leg down as a wave 5 and zigzag ABC. After that we saw exactly this price movement and yesterday I temporarily closed my short at $16640, I plan to re-enter higher.
The considered Elliott wave formation I drew on the price chart and I am 99% sure the 5 wave cycle was correct, I told about it in my previous analysis. After that the BTCUSDT printed the wave A and yesterday before I went to sleep I saw that the price reached 0.61 Fibonacci retracement of the wave A and showed the bullish reaction. I decided to not open long, but closed short. It was the wave B.
Now the Bitcoin is printing the wave C to complete the wave 2 of higher degree. The target for this wave is 0.5 Fibonacci of wave 1. I chose this Fibonacci level because the liquidity pool is located there. There was the imbalance candle, which usually should be tested before the downtrend continuation.
Best regards, Ivan