Bitcoin had completed a 5-wave structure and peaked very near to our previous target of $124,000 (see linked idea on 2nd Aug). Currently it has corrected more than $8000 from the peak. We are either in a Sub-Wave 2 of Cycle Wave 5 or in a Cycle level correction (A-B-C). Regardless, the direction is still down, just the target is different.
For Sub-wave 2, the target is $98,400.
For Cycle Wave correction, the target is $74,400.
At this moment, we do not need to decide on which degree of Wave we are in. We can review again when Bitcoin price nears $98,400 and study the wave structure then.
I discussed on where to set the stop loss if you are shorting bitcoin. There are 3 different levels, but remember that only a breach of the peak will invalidate this idea.
Good luck!
For Sub-wave 2, the target is $98,400.
For Cycle Wave correction, the target is $74,400.
At this moment, we do not need to decide on which degree of Wave we are in. We can review again when Bitcoin price nears $98,400 and study the wave structure then.
I discussed on where to set the stop loss if you are shorting bitcoin. There are 3 different levels, but remember that only a breach of the peak will invalidate this idea.
Good luck!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.