BTCUSD - It is what it is...

It has been a while since my last update on the current situation in Bitcoin. BTCUSD

We witnessed a strong and bullish market which brought us up to approximately 12k, since then the price took a heavy beating.
I estimate that we are currently in a big correction Wave 2 which can bring us down to the 0.5 or the 0.618 retracement. The levels are shown on the chart.

Right now i am expecting a rise to approximately 11250$ which will represent a Wave B.
After this there are good chances for a heavy drop to 8200 or even lower prices.

I will be looking for a good Short (Risk/Reward) Setup at the end of Wave B, so stay tuned!

Please be extremely careful with a "Buy the dip" mentality, you can easily loose 10%-20% in this market cycle.