Totally brutal retrace, wave C still there
Ok, I said I have some short holidays so I would not update, but I have a moment and the situation is too interesting. The wave B was a little longer than I've initially expected, cause whales were playing with liquidating shorts. However wave C retrace did happen at 61.8% Fibonacci level, cause the last short was a bull trap.
That's why it's difficult to predict anything else but the big picture. We still have 2 scenarios left, both targeting $6000; we either have ABCDE descending triangle wave with consolidation on $6600 or $6500 level (but I wouldn't trade wave D cause the reward/risk ratio is too small) or ABC going directliy to $6000. In any case a bounce is to be expected at $6000 or a bit earlier.
Take care though, whales are playing with us. Big orders are being placed on right now exchanges and it's hard to know how they would move the prices.
That's why it's difficult to predict anything else but the big picture. We still have 2 scenarios left, both targeting $6000; we either have ABCDE descending triangle wave with consolidation on $6600 or $6500 level (but I wouldn't trade wave D cause the reward/risk ratio is too small) or ABC going directliy to $6000. In any case a bounce is to be expected at $6000 or a bit earlier.
Take care though, whales are playing with us. Big orders are being placed on right now exchanges and it's hard to know how they would move the prices.
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