Bitcoin Short: Either Wave 2 of 5 or in Cycle Wave Correction

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!