Hello, guys!

Yesterday I opened short at the bearish reversal bar breakdown, I told you about it. I suppose that overall uptrend is not over, but I am trying to learn how to trade corrective waves.

I have a good entry point, but I had a lot of mistakes in corrective waves, that's why decided to change stop loss at the entry. The Bitcoin price has finished wave 3 yesterday and now it's in wave 4. Looking at the wave 2 we can see that it has the shape of triangle correction. It means that there is a high probability that wave 4 is gonna be the zigzag correction. In this case the target area is Fibonacci 0.618 which has not been reached yet.

Chart 1. BTC price.

Best regards, Ivan

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Let's add some classical TA to our chart. We can see that Bitcoin has successfully broke down the trendline and now it is re-testing it.

The reason why I closed my long is the confirmed bearish reversal bar on 4h time frame. This bar has the nice angulation with the Williams Alligator indicator. I am searching for the short trade entry. If I open it now the stop loss is gonna be more than 4%. It means that only 25% of deposit could be used in this trade. I would prefer to wait for the local pump to enter short with better risk to reward.

Best regards, Ivan

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Hello, everyone!

I can see a lot of comments that I change my mind too often, but it's absolutely normal in the sideways market. I don't want to miss the trend move and try to define the early indication of it's start.

After yesterday's long trade BTC was unable to demonstrate the inpulse. Moreover price has formed the confirmed bearish reversal bar with angulation at the very top. This is our first signal according to Trading Chaos. That's why I decided to close long in zero profit and open short again.

The additional agrument for bear move is the reaching the 0.618 Fibonacci level.

Chart 1. BTC price.

Best regards, Ivan

Subscribe now and never miss an update 👍#BTC #crypto2023 #dyor #skyrex

Hey, guys!

As I told you in today's analysis I has been waiting for the first fractal level forming above the Alligator. Price has formed the fractal just above it at $27737 and I opened long trade at the breakout.

Earlier I considered two targets for the wave 5. $26800 and $29600. Obviously, BTC chose the maximal target. Therefore I am waiting for this target at least to close my long trade.

Chart 1. BTC price

Best regards, Ivan

Subscribe now and never miss an update 👍#BTC #dyor #crypto2023 #skyrex

Hello, everyone!

All long trade targets, which I pointed out have been reached. I took my profit but have already executed another one long trade with even more tight stop-loss.

I considered earlier that the dump from $25k to $20k was the wave 1 of the last bearish wave 5. But now the price is approaching the critical level where this scenario could be invalid ($22704). If BTC will break this level I am going to consider the dump as the ABC correction and now we are in new wave to the upside which is going to break through the $25k.

Chart 1. BTC price.

Trend on 4h now is bullish, that's why I consider only long trades until I see the bearish reversal bar.

Best regards, Ivan

Subscribe now and never miss an update👍#BTC #crypto2023 #dyor #skyrex